By Devika Patel
Knoxville, Tenn., May 11 - Vertro, Inc. negotiated a $2 million two-year reserve equity financing agreement with AGS Capital Group, LLC on May 10, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company may draw the funds in tranches of up to 100% of the average daily trading volume for the five days immediately preceding the advance notice. The shares will be sold at a purchase price equal to 92% of the volume weighted average price of the company's common stock during the five-day period following the advance notice.
The maximum amount of each advance will be equal to the greater of $500,000 or 500% of the quotient obtained by dividing the average daily trading volume for the 10 days immediately preceding the drawdown notice.
Based in Fort Myers, Fla., Vertro is an internet company that owns and operates the ALOT product portfolio.
| Issuer: | Vertro, Inc.
|
| Issue: | Reserve equity financing agreement
|
| Amount: | $2 million
|
| Tenor: | Two years
|
| Price: | 92% of the volume weighted average price of the company's common stock for five days following advance notice
|
| Warrants: | No
|
| Investor: | AGS Capital Group, LLC
|
| Settlement date: | May 10
|
| Stock symbol: | Nasdaq: VTRO
|
| Stock price: | $0.65 at close May 10
|
| Market capitalization: | $20.1 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.
