Offering sells units at $1.80; deal also includes three-year warrants
By Devika Patel
Knoxville, Tenn., May 28 - Virtual Piggy, Inc. settled a $4.63 million private placement of units on May 28, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 2,572,553 units of one common share and one half-share warrant at $1.80 per unit.
Each whole, three-year warrant is exercisable at $3.00. The strike price is an 8.54% discount to the May 24 closing share price of $3.28.
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.
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Issue: | Units of one common share and one half-share warrant
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Amount: | $4,630,595
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Shares: | 2,572,553
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Price: | $1.80
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | $3.00
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Settlement date: | May 28
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Stock symbol: | OTCBB: VPIG
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Stock price: | $3.28 at close May 24
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Market capitalization: | $346.11 million
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