Company sells 8,627,352 shares with 66-month warrants through offer
By Devika Patel
Knoxville, Tenn., Aug. 12 – Neonode Inc. said it plans an $8.7 million private placement of stock. Craig-Hallum Capital Group LLC is the agent.
The company will sell 8,627,352 common shares. Of the shares, 8.2 million will be sold at $1.00 apiece for $8.2 million, with insiders paying $1.17 per share, or $500,000, for 427,352 shares. The prices per share are a 9.09% discount and a 6.36% premium, respectively, to the Aug. 11 closing share price of $1.10.
Investors will also receive warrants for 4,313,676 shares, which are each exercisable at $1.12 for 66 months. The strike price is a 1.82% premium to the Aug. 11 closing price.
Neonode is a user-experience technology company with offices in San Ramon, Calif., and Stockholm.
| Issuer: | Neonode Inc.
|
| Issue: | Common stock
|
| Amount: | $8.7 million
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| Shares: | 8,627,352
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| Price: | $1.00 for 8.2 million shares, $1.17 for 427,352 shares
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| Warrants: | For 4,313,676 shares
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| Warrant expiration: | 66 months
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| Warrant strike price: | $1.12
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| Agent: | Craig-Hallum Capital Group LLC
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| Pricing date: | Aug. 12
|
| Stock symbol: | Nasdaq: NEON
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| Stock price: | $1.10 at close Aug. 11
|
| Market capitalization: | $46.17 million
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