Deal includes warrant for up to 1,098,902 shares, exercisable at $1.00
By Susanna Moon
Chicago, July 18 - Netlist, Inc. entered into a securities purchase agreement Wednesday to sell $1 million of stock and warrants. The company will issue 1,098,902 shares at $0.91 per share to an institutional investor in a registered public offering, according to an 8-K filing and 424B2 filing with the Securities and Exchange Commission.
The share price is a 9.9% discount to the company's closing price on July 16.
Proceeds will be used for general corporate purposes.
Under the deal terms, the company will issue at closing a warrant to purchase up to 1,098,902 shares. The warrant is exercisable at $1.00 per share for seven years, which is a 0.99% discount to the company's closing price.
Irvine, Calif.-based Netlist designs, manufactures and sells memory subsystems primarily for the server, high-performance computing and communications markets.
| Issuer: | Netlist, Inc.
|
| Issue: | Stock and warrants
|
| Amount: | $1 million
|
| Shares: | 1,098,902
|
| Price: | $0.91
|
| Warrants: | For up to 1,098,902 shares
|
| Warrant strike price: | $1.00
|
| Warrant term: | Seven years
|
| Pricing date: | July 17
|
| Settlement date: | July 19
|
| Stock symbol: | Nasdaq: NLST
|
| Stock price: | $1.01 at close July 16
|
| Market capitalization: | $34.67 million
|
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