Offering sells units at $1.80; deal also includes three-year warrants
By Devika Patel
Knoxville, Tenn., May 29 - Virtual Piggy, Inc. settled a $540,000 second and final tranche of a $5.17 million private placement of units on May 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal raised $4.63 million on May 28.
The company sold 2,572,553 units of one common share and one half-share warrant at $1.80 per unit in the first tranche and 300,000 units at the same price in the second tranche.
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.
Aegis Capital Corp. was the agent.
Virtual Piggy is a Hermosa Beach, Calif.-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 one common share and one half-share warrant
|
| Amount: | $5,170,595
|
| Shares: | 2,872,553
|
| Price: | $1.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $3.00
|
| Agent: | Aegis Capital Corp.
|
| Settlement dates: | May 28 (for $4,630,595), May 29 (for $540,000)
|
| Stock symbol: | OTCBB: VPIG
|
| Stock price: | $3.28 at close May 24
|
| Market capitalization: | $314.06 million
|
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