By Devika Patel
Knoxville, Tenn., Oct. 30 - VLOV Inc. arranged an $8 million private placement of its series A convertible preferred stock on Oct. 27, according to an 8-K filed Friday with the Securities and Exchange Commission. It raised $4.14 million at pricing
The company will sell up to 2,797,203 preferreds at $2.86 each. The preferreds are convertible into common stock at $2.86 per share.
Investors also will receive warrants for 1,398,602 common shares, which are exercisable at $3.43 for three years.
The company sold 1,446,252 preferreds and warrants for 723,126 shares in the first tranche.
Gilford Securities, Inc. is the agent.
Shishi City, China-based VLOV sells casual apparel and clothing products.
Issuer: | VLOV Inc.
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Issue: | Series A convertible preferred stock
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Amount: | $8 million
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Shares: | 2,797,203
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Warrants: | For 1,398,602 shares
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Warrant expiration: | Three years
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Warrant strike price: | $3.43
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Agent: | Gilford Securities, Inc.
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Pricing date: | Oct. 27
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Settlement date: | Oct. 27 (for $4,136,261)
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Stock symbol: | OTCBB: VLOV
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Stock price: | $5.50 at close Oct. 27
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