Deal sells stock to YA II PV over three years with 7% notes, warrants
By Devika Patel
Knoxville, Tenn., July 5 – Micronet Enertec Technologies, Inc. arranged a $2.39 million standby equity distribution agreement with YA II PV Ltd. on June 30, according to an 8-K filed Monday with the Securities and Exchange Commission. It sold $600,000 of notes to the investor on the same date.
The investor will buy $2.39 million of common stock at a 1.5% discount over three years.
YA Global also bought $600,000 of 7% notes due July 10, 2017 with a five-year warrant for 66,000 shares. The warrant is exercisable at $4.30, a 97.25% premium to the June 29 closing share price of $2.18.
The Emerson, N.J., company develops, manufactures, integrates and globally markets rugged computers, tablets and computer-based systems and instruments for the commercial, defense and aerospace markets.
| Issuer: | Micronet Enertec Technologies, Inc.
|
| Issue: | Standby equity distribution agreement, notes
|
| Amount: | $2.99 million
|
| Investor: | YA II PV Ltd.
|
| Announcement date: | July 5
|
| Settlement date: | June 30
|
| Stock symbol: | Nasdaq: MICT
|
| Stock price: | $2.18 at close June 29
|
| Market capitalization: | $11.11 million
|
|
|
| Equity
|
| Amount: | $2.39 million
|
| Tenor: | Three years
|
| Price: | 1.5% discount
|
| Warrants: | No
|
|
|
| Debt
|
| Amount: | $600,000
|
| Maturity: | July 10, 2017
|
| Coupon: | 7%
|
| Warrants: | For 66,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.30
|
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