By Devika Patel
Knoxville, Tenn., Dec. 2 - VLOV Inc. arranged a $2 million private placement of stock on Dec. 1, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It raised $1.87 million at pricing.
The company will sell 699,301 common shares at $2.86 apiece along with warrants for 349,651 shares. It sold 653,534 shares and warrants for 326,767 shares in the first tranche.
The warrants are exercisable at $3.43 for three years.
Shishi City, China-based VLOV sells casual apparel and clothing products.
| Issuer: | VLOV Inc.
|
| Issue: | Common stock
|
| Amount: | $2 million
|
| Shares: | 699,301
|
| Price: | $2.86
|
| Warrants: | For 349,651 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $3.43
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 1 (for $1,869,107)
|
| Stock symbol: | OTCBB: VLOV
|
| Stock price: | $4.00 at close Dec. 1
|
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