Brokered deal funds working capital and general partnership purposes
By Devika Patel
Knoxville, Tenn., Jan. 15 - Royal Hawaiian Orchards LP plans to raise $9.8 million through a rights offering of depositary units, according to a prospectus filed Wednesday with the Securities and Exchange Commission. American Stock Transfer & Trust Co., LLC is the agent.
The company will sell rights for 3.6 million depositary units at $2.55 per unit, which is a 14.72% discount to the Jan. 14 closing share price of $2.99. Investors will receive one subscription right for each depositary unit as of 5 p.m. ET on Nov. 4, 2013.
Each right enables the holder to purchase 0.48 depositary units.
Investors Fred and Mary Wilkie Ebrahimi and Barry W. Blank have indicated they will participate.
Settlement is expected Feb. 6.
Proceeds will be used for working capital and general partnership purposes.
Based in Hilo, Hawaii, the company grows macadamia nuts.
| Issuer: | Royal Hawaiian Orchards LP
|
| Issue: | Depositary units
|
| Amount: | $9.18 million
|
| Units: | 3.6 million
|
| Price: | $2.55
|
| Warrants: | No
|
| Agent: | American Stock Transfer & Trust Co., LLC
|
| Investors: | Fred and Mary Wilkie Ebrahimi and Barry W. Blank
|
| Pricing date: | Jan. 15
|
| Settlement date: | Feb. 6
|
| Stock symbol: | OTCBB: NNUTU
|
| Stock price: | $2.99 at close Jan. 14
|
| Market capitalization: | $21.38 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.
