Company sells units of one share and one quarter-share warrant in deal
By Devika Patel
Knoxville, Tenn., March 18 - Mobivity Holdings Corp. raised $5.03 million in the initial tranche of a $6 million private placement of units on March 17, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced on March 10.
The company is selling 6 million units of one common share and one quarter-share warrant at $1.00 per unit. It sold 5,028,000 in the first tranche.
Each whole warrant is exercisable at $1.20 for five years. The strike price is a 22.58% discount to $1.55, the March 7 closing share price.
The technology provider is based in Chandler, Ariz.
| Issuer: | Mobivity Holdings Corp.
|
| Issue: | Units of one common share and one quarter-share warrant
|
| Amount: | $6 million
|
| Units: | 6 million
|
| Price: | $1.00
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.20
|
| Pricing date: | March 10
|
| Settlement date: | March 17 (for $5,028,000)
|
| Stock symbol: | OTCBB: MFON
|
| Stock price: | $1.55 at close March 7
|
| Market capitalization: | $23.5 million
|
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