Offering also includes three-year warrants for 163,950 ordinary shares
By Devika Patel
Knoxville, Tenn., Nov. 25 - Recon Technology, Ltd. said it plans a $2.63 million registered direct offering of stock. FT Global Capital, Inc. is the agent.
The company will sell 546,500 ordinary shares at $4.81 apiece. The price per share represents an 11.74% discount to the Nov. 22 closing share price of $5.45.
The investors will also receive warrants for 163,950 shares, which are each exercisable at $6.01 for three years. The strike price is a 10.28% premium to the Nov. 22 closing share price.
Settlement is expected Nov. 29.
Proceeds will be used for working capital and other general corporate purposes.
The Beijing company provides hardware, software, and on-site services to companies in the petroleum mining and extraction industry in China.
| Issuer: | Recon Technology, Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | $2,628,665
|
| Shares: | 546,500
|
| Price: | $4.81
|
| Warrants: | For 163,950 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $6.01
|
| Agent: | FT Global Capital, Inc.
|
| Pricing date: | Nov. 25
|
| Settlement date: | Nov. 29
|
| Stock symbol: | Nasdaq: RCON
|
| Stock price: | $5.45 at close Nov. 22
|
| Market capitalization: | $18.1 million
|
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