By Devika Patel
Knoxville, Tenn., July 24 – Vapor Corp. said it priced a $41.8 million public offering of preferred units consisting of series A convertible preferred shares and warrants.
The company will sell 3.8 million units of 0.25 series A convertible preferred shares and 20 warrants at $11.00 per unit. The 0.25 preferreds will be convertible into 10 common shares.
Each warrant is exercisable at $1.24. The strike price is a 0.81% premium to the July 23 closing share price of $1.23.
Dawson James Securities, Inc. is the bookrunner.
Proceeds will be used for debt repayment, acquisitions or development of vape stores, marketing and general corporate purposes, including working capital.
Based in Fort Lauderdale, Fla., Vapor makes and sells electronic cigarettes.
| Issuer: | Vapor Corp.
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| Issue: | Units of 0.25 series A convertible preferred shares and 20 warrants
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| Amount: | $41.8 million
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| Units: | 3.8 million
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| Price: | $11.00
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| Conversion ratio: | Into 10 common shares (per 0.25 preferreds)
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| Warrants: | 20 warrants per unit
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| Warrant strike price: | $1.24
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| Bookrunner: | Dawson James Securities, Inc.
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| Announcement date: | July 10
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| Pricing date: | July 24
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| Settlement date: | July 29
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| Stock symbol: | Nasdaq: VPCO
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| Stock price: | $1.23 at close July 23
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| Market capitalization: | $7.74 million
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