1.7 million shares sold at $1.00 apiece, company reports in 8-K filing
By Devika Patel
Knoxville, Tenn., Nov. 6 - Loton Corp. completed a $1.7 million private placement of stock, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal raised $400,000 on Oct. 7, $1 million on Oct. 8 and $300,000 on Oct. 30.
The company sold 1.7 million common shares at $1.00 per share. The price per share is an 88.89% discount to the Nov. 5 closing share price of $9.00.
Loton is a Los Angeles provider of 3D rendering, animation and architectural visualization services.
| Issuer: | Loton Corp.
|
| Issue: | Common stock
|
| Amount: | $1.7 million
|
| Shares: | 1.7 million
|
| Price: | $1.00
|
| Warrants: | No
|
| Announcement date: | Nov. 6
|
| Settlement date: | Oct. 7 (for $400,000), Oct. 8 (for $1 million), Oct. 30 (for $300,000)
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| Stock symbol: | OTCBB: LTNR
|
| Stock price: | $9.00 at close Nov. 5
|
| Market capitalization: | $63.05 million
|
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