Deal sells 31.6 million common shares along with three-year warrants
By Devika Patel
Knoxville, Tenn., May 30 - Respect Your Universe, Inc. completed a $3.16 million private placement of units on May 23, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 31.6 million units of one common share and one warrant at $0.10 per unit.
Each warrant is exercisable at $0.25 for three years. The strike price is a 257.14% premium to the May 22 closing share price of $0.07.
The apparel retailer is based in Portland, Ore.
| Issuer: | Respect Your Universe, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $3.16 million
|
| Units: | 31.6 million
|
| Price: | $0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.25
|
| Settlement date: | May 23
|
| Stock symbol: | OTCBB: RYUN
|
| Stock price: | $0.07 at close May 22
|
| Market capitalization: | $5.76 million
|
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