By Devika Patel
New York, Aug. 9 - Alanco Technologies, Inc. has netted $3.727 million in two private placements of units, shares and warrants, according to a form 8-K filed with the Securities and Exchange Commission Thursday.
The company sold a total of 1.954 million shares and a total of 781,600 warrants.
The first deal had 1,578,948 shares, and 375,052 shares were sold in the second deal. There were 631,579 warrants sold in the first deal and 150,021 warrants in the second. The shares were sold at $1.90 apiece in the first tranche and at an unspecified price in the second. Some of the shares and warrants in the first deal were sold as units, with each unit consisting of five class A common shares and two warrants.
The warrants are exercisable at $3.00 apiece for three years. The warrants may expire sooner if Alanco's stock trades at $5.00 or more for 10 consecutive trading days. In that case, the warrants will expire 10 days after Alanco provides written notice of such an event.
Proceeds will be used to pay down debt, to develop technology and for marketing, working capital and other general corporate purposes.
Alanco is a Scottsdale, Ariz.-based provider of advanced information technology solutions.
| Issuer: | Alanco Technologies, Inc.
|
| Issue: | Shares, warrants, units of five shares and two warrants
|
| Amount: | $3.727 million
|
| Warrants: | Two warrants per unit
|
| Warrant expiration: | Three years; sooner if Alanco's stock trades at $5.00 or more for 10 consecutive trading days
|
| Warrant strike price: | $3.00
|
| Settlement date: | Aug. 9
|
| Stock symbol: | Nasdaq: ALAN
|
| Stock price: | $2.21 at close Aug. 8
|
|
|
| First tranche:
|
| Shares: | 1,578,948
|
| Price: | $1.90 per share
|
| Warrants: | 631,579
|
|
|
| Second tranche:
|
| Shares: | 375,052
|
| Price: | Unspecified
|
| Warrants: | 150,021
|
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