By Devika Patel
Knoxville, Tenn., Nov. 19 - VLOV Inc. settled an $8 million private placement of its series A convertible preferred stock on Nov. 17 with a $3.86 million second tranche, according to an 8-K filed Thursday with the Securities and Exchange Commission.
It raised $4.14 million at pricing on Oct. 27.
The company sold 1,446,252 preferreds and warrants for 723,126 shares in the first tranche. It sold 1,350,581preferreds and warrants for 675,290 shares in the second tranche.
The preferreds, sold at $2.86 apiece, are convertible into common stock at $2.86 per share.
The warrants are exercisable at $3.43 for three years.
Gilford Securities, Inc. was the agent.
Shishi City, China-based VLOV sells casual apparel and clothing products.
| Issuer: | VLOV Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $7,998,942
|
| Shares: | 2,796,833
|
| Price: | $2.86
|
| Conversion price: | $2.86
|
| Warrants: | For 1,398,416 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $3.43
|
| Agent: | Gilford Securities, Inc.
|
| Pricing date: | Oct. 27
|
| Settlement date: | Oct. 27 (for $4,136,261), Nov. 17 (for $3,862,597)
|
| Stock symbol: | OTCBB: VLOV
|
| Stock price: | $5.50 at close Oct. 27
|
© 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.
