Offering includes warrants, each exercisable at $0.50 for two years
By Devika Patel
Knoxville, Tenn., May 4 - Virtual Piggy, Inc. negotiated a $3.5 million private placement of units on April 5, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal has raised $1.26 million as of May 2.
The company is selling units of two common shares and one warrant at $0.70 per unit. It sold 1,798,457.5 units in the first closing.
Each warrant is exercisable at $0.50 for two years. The strike price reflects a 26.47% discount to the April 4 closing share price of $0.68.
Virtual Piggy is a Philadelphia-based company developing its online "Piggy Bank" security service that will allow parents to set up and control their children's spending online.
| Issuer: | Virtual Piggy, Inc.
|
| Issue: | Units of two common shares and one warrant
|
| Amount: | $3.5 million
|
| Price: | $0.70
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.50
|
| Pricing date: | April 5
|
| Settlement date: | May 2 (for $1,263,920)
|
| Stock symbol: | OTCBB: VPIG
|
| Stock price: | $0.68 at close on April 4
|
| Market capitalization: | $85.2 million
|
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