Company sells 2.5 million shares, 18-month warrants through offering
By Devika Patel
Knoxville, Tenn., May 9 - Neonode Inc. said it will raise $10 million in a private placement of stock. Ascendiant Capital Markets, LLC is the agent.
The company will sell 2.5 million common shares at $4.00 per share. The purchase price is a 9.71% discount to the May 8 closing share price of $4.43.
The investor also will receive warrants for 1,964,636 shares. The warrants are each exercisable at $5.09 for 18 months. The strike price is a 14.9% premium to the May 8 closing share price.
Settlement is expected the week of May 12.
Based in Santa Clara, Calif., Neonode develops touch technologies for mobile devices and other appliances.
| Issuer: | Neonode Inc.
|
| Issue: | Common stock
|
| Amount: | $10 million
|
| Shares: | 2.5 million
|
| Price: | $4.00
|
| Warrants: | For 1,964,636 shares
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $5.09
|
| Agent: | Ascendiant Capital Markets, LLC
|
| Pricing date: | May 9
|
| Settlement date: | May 12
|
| Stock symbol: | Nasdaq: NEON
|
| Stock price: | $4.43 at close May 8
|
| Market capitalization: | $175.68 million
|
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