Purchase price discounted 3% in agreement with Dutchess Opportunity
By Devika Patel
Knoxville, Tenn., July 1 - Abtech Holdings, Inc. arranged a $2 million three-year investment agreement with Dutchess Opportunity Fund, II, LP on June 25, according to an 8-K filed Monday with the Securities and Exchange Commission.
Dutchess will buy shares over three-years in tranches of up to 200% of the average daily volume of the common stock for the three trading days preceding the put notice multiplied by the average of the three daily closing prices immediately preceding the put notice date, or $200,000.
The purchase price will be 97% of the lowest daily volume weighted average price of the stock during the five consecutive trading days immediately following the put notice date.
Dutchess received a $15,000 document preparation fee.
The Scottsdale, Ariz., company develops clean technology products and services for the stormwater and oil and gas industries.
| Issuer: | Abtech Holdings, Inc.
|
| Issue: | Investment agreement
|
| Amount: | $2 million
|
| Tenor: | Three years
|
| Price: | 3% discount
|
| Warrants: | No
|
| Investor: | Dutchess Opportunity Fund, II, LP
|
| Fees: | $15,000
|
| Pricing date: | June 25
|
| Stock symbol: | OTCBB: ABHD
|
| Stock price: | $0.69 at close June 24
|
| Market capitalization: | $43.89 million
|
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