Published on 10/17/2013 in the Prospect News PIPE Daily.
MamaMancini's settles $4.99 million private placement of common stock
Offer sells 3,323,375 shares through agent Spartan at $1.50 per share
By Devika Patel
Knoxville, Tenn., Oct. 17 - MamaMancini's Holdings, Inc. completed an $843,000 ninth and final tranche of a $4.99 million private placement of stock on Oct. 16, according to an 8-K filed Thursday with the Securities and Exchange Commission. Spartan Capital Securities, LLC is the agent for the deal, which raised $1.27 million on July 12, $455,500 on July 19, $411,008 on Aug. 2, $505,000 on Aug. 13, $247,503 on Aug. 23, $430,000 on Sept. 13 and $476,004 on Sept. 20.
The company has sold 3,323,375 common shares at $1.50 per share, a 25% discount to the closing share price of $2.00 on July 11. It sold 844,681 shares in the first tranche, 303,670 shares in the second tranche, 274,005 shares in the third tranche, 336,672 shares in the fourth tranche, 165,002 shares in the fifth tranche, 286,668 shares in the seventh tranche, 317,336 shares in the eighth tranche and 562,004 shares in the final tranche.
Proceeds will be used for general corporate purposes, including general and administrative expenses.
Based in East Rutherford, N.J. MamaMancini's manufactures and distributes a line of beef meatballs and sauces.
| Issuer: | MamaMancini's Holdings, Inc.
|
| Issue: | Common stock
|
| Amount: | $4,985,063
|
| Shares: | 3,323,375
|
| Price: | $1.50
|
| Warrants: | No
|
| Agent: | Spartan Capital Securities, LLC
|
| Settlement date: | July 12 (for $1,267,022), July 19 (for $455,500), Aug. 2 (for $411,008), Aug. 13 (for $505,000), Aug. 23 (for $247,503), Sept. 13 (for $430,000), Sept. 20 (for $476,004), Oct. 16 (for $843,000)
|
| Stock symbol: | OTCBB: MMMB
|
| Stock price: | $2.00 at close July 11
|
| Market capitalization: | $39.57 million
|
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