Company sells shares at $0.20 apiece along with three-year warrants
By Devika Patel
Knoxville, Tenn., July 2 - AMP Holding Inc. settled a $4.15 million private placement of stock between March 13 and May 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal raised $3.59 million on March 13 and $565,000 between March 13 and May 30.
The company sold 17,925,000 common shares at $0.20 apiece in the first tranche and 2,825,000 shares in the subsequent closings. The price per share reflects a 20% discount to $0.25, the March 12 closing share price.
Investors also received warrants for 8,962,500 common shares in the first tranche and warrants for 1,412,500 shares in the subsequent tranches, which are exercisable at $0.40 per share for three years. The strike price is a 60% premium to the March 12 closing share price.
The Overland Park, Kan., company designs, markets and sells modified automobiles.
| Issuer: | AMP Holding Inc.
|
| Issue: | Common stock
|
| Amount: | $4.15 million
|
| Shares: | 17,925,000
|
| Price: | $0.20
|
| Warrants: | For 10,375,000 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.40
|
| Settlement date: | March 13 (for $3,585,000), May 30 (for $565,000)
|
| Stock symbol: | OTCBB: AMPD
|
| Stock price: | $0.25 at close March 12
|
| Market capitalization: | $39.45 million
|
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