Offering consists of 5 million common shares sold at $0.25 per share
By Devika Patel
Knoxville, Tenn., Dec. 9 - Wheelchair ADL Solutions Corp. priced its $1.25 million initial public offering of stock in a Form S-1 filed Friday with the Securities and Exchange Commission.
The company will sell 5 million common shares at $0.25 per share on a self-underwritten, best-efforts basis. It also registered 2,013,000 shares, which will be sold by selling shareholders.
The company expects its shares to trade on the OTCBB.
Proceeds will be used primarily to increase revenues, increase the company's sales force, for marketing, advertising and publicity efforts, to increase salaries and consulting fees, for promotion, to take the company public and for other general administrative expenses.
The wheelchair manufacturer is based in Liberty Lake, Wash.
| Issuer: | Wheelchair ADL Solutions Corp.
|
| Issue: | Common stock
|
| Amount: | $1.25 million
|
| Shares: | 5 million
|
| Price: | $0.25
|
| Warrants: | No
|
| Pricing date: | Dec. 9
|
| Stock exchange: | OTCBB
|
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