Best-efforts deal to fund floor plan financing operations, expansion
By Devika Patel
Knoxville, Tenn., Nov. 1 - Avangard Capital Group Inc. priced its $30 million initial public offering of units in a Form S-1 filed Thursday with the Securities and Exchange Commission. The deal is being conducted on a self-underwritten, best-efforts basis.
The company will sell 5 million units of four common shares and one warrant at $6.00 per unit, with each warrant exercisable at $2.00 for three years.
Proceeds will be used for floor plan financing operations, to expand into additional markets, pursue licensing for retail financing operations, working capital and general corporate purposes.
The emerging growth company is based in Philadelphia.
| Issuer: | Avangard Capital Group Inc.
|
| Issue: | Units of four common shares and one warrant
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| Amount: | $30 million
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| Units: | 5 million
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| Price: | $6.00
|
| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $2.00
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| Pricing date: | Nov. 1
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