Deal sells shares with 30-month warrants to fund business activities
By Devika Patel
Knoxville, Tenn., Feb. 29 - Respect Your Universe, Inc. completed a $1.5 million private placement of units on Feb. 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 1.5 million units of one common share and a half-share warrant at $1.00 per unit.
Each whole warrant is exercisable at $1.80 until Aug. 22, 2014. The strike price is a 62.16% premium to the Feb. 23 closing share price of $1.11.
Proceeds will be used for business activities.
The apparel retailer is based in Las Vegas.
| Issuer: | Respect Your Universe, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $1.5 million
|
| Units: | 1.5 million
|
| Price: | $1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Aug. 22, 2014
|
| Warrant strike price: | $1.80
|
| Settlement date: | Feb. 24
|
| Stock symbol: | OTCBB: RYUN
|
| Stock price: | $1.11 at close Feb. 23
|
| Market capitalization: | $41.76 million
|
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