Non-brokered offering will remain open for 180 days
By Angela McDaniels
Tacoma, Wash., May 18 – Aina Le’a, Inc. will sell up to $27.5 million of common stock in its initial public offering. The shares are being sold via a direct primary offering without any underwriters.
The company will sell up to 2 million shares at $13.75 each in the offering, which will end 180 days after its registration statement becomes effective. The offering can be extended for 90 days, according to a 424B3 filing with the Securities and Exchange Commission.
There is no minimum number of shares that the company must sell.
The company expects its shares to be listed on Nasdaq under the symbol “AIZY.”
Proceeds will be used to pay outstanding obligations and for working capital. If all 2 million shares are sold, the company plans to use about $4.5 million of the proceeds to retire beneficial interest held by its investors.
Aina Le’a is a real estate development company based in Waikoloa, Hawaii.
| Issuer: | Aina Le’a, Inc.
|
| Issue: | Common stock
|
| Amount: | $27.5 million
|
| Shares: | 2 million
|
| Price: | $13.75
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 14
|
| Expected listing: | Nasdaq: AIZY
|
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