Company offers restricted common shares along with two-year warrants
By Devika Patel
Knoxville, Tenn., July 15 - Respect Your Universe, Inc. said its private placement of stock was oversubscribed and consequently raised $3.25 million. The deal was announced as a $3.07 million offering on June 22.
The company sold 5,415,151 restricted common shares at $0.60 apiece. The per-share price represents a 58.9% discount to the June 20 closing share price of $1.46.
Investors also received warrants for 5,415,151 shares, which are each exercisable at $1.80 for two years. The strike price is a 42.86% premium to the June 20 closing share price.
"We are very pleased that our June 2011 offering was significantly oversubscribed," chief financial officer Steve Eklund said in a press release, adding that the company will soon be bringing its products to market now that this funding is in place.
The Las Vegas company makes apparel and equipment inspired by mixed martial arts.
Issuer: | Respect Your Universe, Inc.
|
Issue: | Restricted common stock
|
Amount: | $3,249,091
|
Shares: | 5,415,151
|
Price: | $0.60
|
Warrants: | For 5,415,151 shares
|
Warrant expiration: | Two years
|
Warrant strike price: | $1.80
|
Settlement date: | July 15
|
Stock symbol: | OTCBB: RYUN
|
Stock price: | $1.46 at close June 21
|
Market capitalization: | $59.25 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.