Company sells 256,615 of its common shares at $4.00 apiece
By Devika Patel
Knoxville, Tenn., July 2 – Long Island Iced Tea Corp. completed a $1.03 million private placement of stock on June 30, according to an 8-K filed Thursday with the Securities and Exchange Commission. The amount raised includes the cancellation of about $556,000 in debt.
The company sold 256,615 common shares at $4.00 per share. The price per share reflects a 52.94% discount to the June 29 closing share price of $8.50.
Chief executive officer Philip Thomas and board member Paul N. Vassilako each invested $50,000.
The Hicksville, N.Y., company distributes ready-to-drink tea.
| Issuer: | Long Island Iced Tea Corp.
|
| Issue: | Common stock
|
| Amount: | $1,026,460
|
| Shares: | 256,615
|
| Price: | $4.00
|
| Warrants: | No
|
| Investors: | Philip Thomas (for $50,000) and Paul N. Vassilako (for $50,000)
|
| Settlement date: | June 30
|
| Stock symbol: | OTCBB: OLIC
|
| Stock price: | $8.50 at close June 29
|
| Market capitalization: | $222.11 million
|
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