By Sheri Kasprzak
New York, July 7 - Nexicon, Inc. said it has received a standby equity distribution agreement for up to $20 million from Cornell Capital Partners, LP.
Under the terms of the agreement, Cornell will buy shares from Nexicon at 99% of the lowest volume weighted-average price of the company's stock for five trading days immediately after the notice of a draw. Cornell will retain 5% of each draw.
The company may not draw more than $300,000 on the equity line for six trading days.
Based in Albuquerque, Nexicon is a network controls, security and operational support company.
Issuer: | Nexicon, Inc.
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Issue: | Standby equity distribution agreement
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Amount: | $20 million
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Price: | 99% of the lowest volume-weighted average price for five trading days after notice of a draw
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Investor: | Cornell Capital Partners, LP
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Settlement date: | June 24
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Stock price: | $0.028 at close June 24
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