By Sheri Kasprzak
New York, May 30 - Millennium Cell Inc. concluded a $1.25 million private placement of series B-1 convertible preferreds.
The Dow Chemical Co. purchased 71,429 shares of the preferreds at $17.50 each.
The preferreds are convertible into a total of 714,290 common shares and pay annual dividends at 6%.
The investors also received warrants for 178,571 shares, exercisable at $2.10 each, and 138,150 shares of series A2-1 preferred stock, convertible into a total of 1,381,500 common shares.
The shares of preferred stock were issued as an option upon the completion of the first milestone with Dow as part of a joint development agreement the two entered into in February 2005. The two companies will jointly develop Millennium's hydrogen-on-demand technology coupled with a fuel cell.
Located in Eatontown, N.J., Millennium Cell develops hydrogen battery technology through a chemical process that stores and delivers hydrogen energy to power portable devices.
| Issuer: | Millennium Cell Inc.
|
| Issue: | Series B-1 convertible preferreds
|
| Amount: | $1.25 million
|
| Shares: | 71,429
|
| Price: | $17.50
|
| Dividends: | 6%
|
| Conversion ratio: | Into 714,290 common shares
|
| Warrants: | For 178,571 shares
|
| Warrant strike price: | $2.10
|
| Investor: | The Dow Chemical Co.
|
| Settlement date: | May 30
|
| Stock symbol: | Nasdaq: MCEL
|
| Stock price: | $1.5583 at close May 30
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
