Deal sells units priced at $3.00 each along with one-tenth share warrants
By Devika Patel
Knoxville, Tenn., Dec. 30 - AIVtech International Group Co. completed a private placement of units on Dec. 29, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal raised $7.54 million.
The company sold 2,513,334 units of one common share and one-tenth share warrant at $3.00 per unit. Each whole warrant is exercisable at $4.00 for five years. The strike price is a 19.68% discount to the Dec. 28 closing share price of $4.98.
The manufacturer of consumer electronic products is based in Charlestown, Mass.
| Issuer: | AIVtech International Group Co.
|
| Issue: | Units of one common share and one-tenth share warrant
|
| Amount: | $7.54 million
|
| Units: | 2,513,334
|
| Price: | $3.00
|
| Warrants: | One-tenth share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.00
|
| Settlement date: | Dec. 29
|
| Stock symbol: | OTCBB: ECOH
|
| Stock price: | $5.00 at close Dec. 29
|
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