By Devika Patel
Knoxville, Tenn., Aug. 7 - Competitive Technologies, Inc. secured an $8 million equity financing facility agreement with Fusion Capital Fund II, LLC on Aug. 6, according to an 8-K filed Friday with the Securities and Exchange Commission and a company press release.
Fusion Capital is required to purchase $8 million in common shares in amounts between $75,000 and $2 million over 25 months.
The purchase price of the shares will be based on the prevailing market prices of Competitive Technologies' shares at the time of sale, without any fixed discount, and Competitive Technologies will control the timing and amount of any shares sales.
In consideration for this agreement, Fusion received 86,933 common shares as a commitment fee and will receive an additional 86,933 shares as a commitment fee pro rata during the tenor of the facility.
Competitive Technologies, based in Fairfield, Conn., provides technology transfer, selling and licensing services focused on the technology needs of its customers, matching those requirements with commercially viable technology services.
| Issuer: | Competitive Technologies, Inc.
|
| Issue: | Committed equity financing facility
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| Amount: | $8 million
|
| Tenor: | 25 months
|
| Price: | No fixed discount, based on market prices
|
| Warrants: | No
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| Investor: | Fusion Capital Fund II, LLC
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| Pricing date: | Aug. 6
|
| Stock symbol: | Amex: CTT
|
| Stock price: | $2.24 at close Aug. 6
|
| Market capitalization: | $21.7 million
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