By Sheri Kasprzak
Atlanta, April 26 - Millennium Cell Inc. said it has closed a private placement of convertible preferred stock.
The three-year series C preferreds pay annual dividends of 7% and are convertible into common shares at $2.00 each.
The institutional investors will also receive warrants for common shares equal to 25% of the preferreds issued in the offering. The warrants are exercisable at $2.00 each for three years.
H.C. Wainwright & Co., Inc. was the placement agent.
Based in Eatontown, N.J., Millennium develops hydrogen battery technologies. The proceeds will be used expand the company into the military and commercial markets.
| Issuer: | Millennium Cell Inc.
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| Issue: | Series C convertible preferred stock
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| Amount: | $10 million
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| Dividends: | 7%
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| Conversion price: | $2.00
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| Warrants: | For common shares equal to 25% of the preferreds issued
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| Warrant expiration: | Three years
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| Warrant strike price: | $2.00
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| Placement agent: | H.C. Wainwright & Co., Inc.
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| Pricing date: | April 26
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| Stock price: | $1.40 at close April 26
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