Company sells 32,608,696 common shares at $0.0046 apiece with warrants
By Devika Patel
Knoxville, Tenn., March 12 - Neah Power Systems, Inc. settled a $150,000 private placement of stock with PSN Components, LLC on March 5, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 32,608,696 restricted common shares at $0.0046 apiece, a 54% discount to the March 11 closing share price of $0.01.
PSN also received warrants for 3,896,104 shares. The warrants are each exercisable at $0.015 for three years. The strike price is a 50% premium to the March 11 closing price.
Bothell, Wash.-based Neah Power develops methanol fuel cells using silicon-based technologies.
| Issuer: | Neah Power Systems, Inc.
|
| Issue: | Restricted common shares
|
| Amount: | $150,000
|
| Shares: | 32,608,696
|
| Price: | $0.0046
|
| Warrants: | For 3,896,104 shares
|
| Warrant expiration: | Three years
|
| Warrant strike prices: | $0.015
|
| Investor: | PSN Components, LLC
|
| Announcement date: | March 12
|
| Settlement date: | March 5
|
| Stock symbol: | OTCBB: NPWZ
|
| Stock price: | $0.01 at close March 11
|
| Market capitalization: | $5.43 million
|
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