Company prices 3.18 million shares at $0.9646, 943,829 shares at $1.30
By Marisa Wong
Madison, Wis., March 9 – Innovative Food Holdings, Inc. completed a round of financing totaling $3,078,998 on March 6. The company sold 3,178,420 restricted shares of common stock at a price of $0.9646 per share in a private placement to accredited investors, according to an 8-K filing with the Securities and Exchange Commission.
Simultaneously, the company raised an additional $1,209,596 through the sale of 943,829 restricted common shares at a price of $1.30 per share.
The per share prices are respective 39.61% and 18.75% discounts to the March 5 closing share price of $1.60.
About 2.1 million shares are subject to a one-year lock-up.
The primary purpose of the $3.08 million financing was for acquiring, in a block sale, the shares of Monolith Ventures Ltd., a former dissident shareholder of Fresh Diet, who agreed to sell its position of roughly 3 million shares at a price of $0.9646 per share.
Concurrently, Monolith Ventures has dismissed its previously reported litigation against the Innovative Food and exchanged mutual releases with Innovative Food, the filing noted.
The Bonita Springs, Fla., company provides food products to premium restaurants.
| Issuer: | Innovative Food Holdings, Inc.
|
| Issue: | Restricted common stock
|
| Amount: | $4,288,594
|
| Shares: | 4,122,249
|
| Price: | $0.9646 for 3,178,420 shares, $1.30 for 943,829 shares
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Stock symbol: | OTCBB: IVFH
|
| Stock price: | $1.60 at close March 5
|
| Market capitalization: | $33.72 million
|
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