Offering's investors also receive warrants for 1,428,571 common shares
By Devika Patel
Knoxville, Tenn., Jan. 9 - Northeast Automotive Holdings Inc. settled a $2 million private placement of stock with 13 investors on Dec. 31, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 7,142,857 common shares at $0.28 apiece, a 40% premium to the Dec. 30 closing share price of $0.20.
Investors also received warrants for 1,428,571 shares; the warrants are each exercisable $0.32, a 60% premium to the Dec. 30 closing share price.
The car retailer is based in New York.
| Issuer: | Northeast Automotive Holdings Inc.
|
| Issue: | Common stock
|
| Amount: | $2 million
|
| Shares: | 7,142,857
|
| Price: | $0.28
|
| Warrants: | For 1,428,571 shares
|
| Warrant strike price: | $0.32
|
| Settlement date: | Dec. 31
|
| Stock symbol: | OTCBB: NEAU
|
| Stock price: | $0.20 at close Dec. 30
|
| Market capitalization: | $548,460
|
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