Radnor Research & Trading was agent for offering of shares, warrants
By Devika Patel
Knoxville, Tenn., Aug. 22 - Nova Lifestyle, Inc. completed a $4.5 million private placement of units on Aug. 18, according to an 8-K filed Monday with the Securities and Exchange Commission. The offering was conducted via agent Radnor Research & Trading Co.
The company sold 2,998,267 units of one common share and a warrant for 15% of a share at $1.50 per unit. Each three-year warrant is exercisable at $2.00, which represents a 1,233.33% premium to the Aug. 17 closing share price of $0.15.
Based in Commerce, Calif., Nova designs, manufactures and sells modern home furniture.
| Issuer: | Nova Lifestyle, Inc.
|
| Issue: | Units of one common share and one warrant for 15% of a share
|
| Amount: | $4,497,401
|
| Units: | 2,998,267
|
| Price: | $1.50
|
| Warrants: | One warrant for 15% of a share per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.00
|
| Agent: | Radnor Research & Trading Co.
|
| Settlement date: | Aug. 18
|
| Stock symbol: | OTCBB: STVS
|
| Stock price: | $0.15 at close Aug. 18
|
| Market capitalization: | $2.23 million
|
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