Units of one share, one quarter-share warrant sold via Emerging Growth
By Devika Patel
Knoxville, Tenn., March 6 – Mobivity Holdings Corp. raised $3.91 million in the initial tranche of a $4 million private placement of units on March 2, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced on the same date and is being conducted by agent Emerging Growth Equities, Ltd.
The company is selling 4 million units of one common share and one quarter-share warrant at $1.00 per unit. It sold 3,905,000 units in the first tranche.
Each whole warrant is exercisable at $1.20 for five years. The strike price is a 7.14% premium to $1.12, the Feb. 27 closing share price.
The technology provider is based in Chandler, Ariz.
| Issuer: | Mobivity Holdings Corp.
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| Issue: | Units of one common share and one quarter-share warrant
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| Amount: | $4 million
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| Units: | 4 million
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| Price: | $1.00
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| Warrants: | One quarter-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.20
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| Agent: | Emerging Growth Equities, Ltd.
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| Pricing date: | March 2
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| Settlement date: | March 2 (for $3,905,000)
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| Stock symbol: | OTCBB: MFON
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| Stock price: | $1.12 at close Feb. 27
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| Market capitalization: | $31.85 million
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