Funds from oversubscribed offering will help fund development
By Susanna Moon
Chicago, June 21 - Respect Your Universe said it raised $2.97 million in a private placement of stock. The company sold 4,957,500 shares at $0.60 per share and two-year warrants for another 4,957,500 shares.
The warrants are exercisable at $1.80 per share. The strike price is 23.29% discount to the company's closing price of $1.46 on June 20.
The company began the offering on June 17 and planned to raise $2.5 million but was able to sell another $474,500 and close the offering, according to a company press release.
With this investment, the company is beginning full operations on the development and distribution of its MMA-inspired apparel and merchandise, the release said.
Respect Your Universe is a performance apparel and equipment company rooted in and inspired by mixed martial arts. The company is based in Las Vegas.
| Issuer: | Respect Your Universe
|
| Issue: | Common stock
|
| Amount: | $2,974,500
|
| Shares: | 4,957,500
|
| Price: | $0.60
|
| Warrants: | For 4,957,500 shares
|
| Warrant exercise price: | $1.80
|
| Settlement date: | June 21
|
| Stock symbol: | OTCBB: RYUN
|
| Stock price: | $1.46 at close June 20
|
| Market capitalization: | $36.35 million
|
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