Warrants for 753,334 shares included; deal finances working capital
By Devika Patel
Knoxville, Tenn., July 27 – Arkados Group, Inc. completed a $452,000 private placement of stock on July 23, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 753,334 common shares at $0.60 apiece, a 65.71% discount to the July 22 closing share price of $1.75.
Investors also received warrants for 753,334 shares; the warrants are each exercisable $2.00, a 14.29% premium to the July 22 closing share price.
Proceeds were used for working capital purposes.
Based in Piscataway, N.J., Arkados is a fabless semiconductor manufacturer.
| Issuer: | Arkados Group, Inc.
|
| Issue: | Common stock
|
| Amount: | $440,000
|
| Shares: | 753,334
|
| Price: | $0.60
|
| Warrants: | For 753,334 shares
|
| Warrant strike price: | $2.00
|
| Settlement date: | July 23
|
| Stock symbol: | OTCBB: AKDS
|
| Stock price: | $1.75 at close July 22
|
| Market capitalization: | $21 million
|
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