Published on 1/19/2010 in the Prospect News PIPE Daily.
New Issue: Ecology Coatings sells another $55,000 of 5% convertible preferreds to Equity 11
By Angela McDaniels
Tacoma, Wash., Jan. 19 - Ecology Coatings, Inc. sold another $55,000 of 5% cumulative convertible preferred stock, series B, to Equity 11, Ltd. on Jan. 13, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Equity 11 now holds $831,000 of the preferreds.
The preferreds have a liquidation preference of $1,000 each and a conversion price of 20% over the average of the closing price of company's common stock for the five trading days prior to each investment.
The company can force conversion beginning May 15, 2010 if its volume-weighted average stock price exceeds $3.00 per share for a continuous 30-day period.
The preferreds are callable beginning May 15, 2014 and are putable beginning May 15, 2016.
Based in Salt Lake City, Ecology Coatings develops nanotechnology-enabled, ultraviolet curable coatings that are designed to drive efficiencies and clean processes in manufacturing.
| Issuer: | Ecology Coatings, Inc.
|
| Issue: | Cumulative convertible preferred stock, series B
|
| Amount: | $831,000
|
| Preferred shares: | 831
|
| Dividends: | 5%
|
| Price: | $1,000
|
| Conversion price: | 120% of the average closing stock price for the five trading days prior to each investment
|
| Call option: | From May 15, 2014 onward
|
| Put option: | From May 15, 2016 onward
|
| Warrants: | No
|
| Investor: | Equity 11, Ltd.
|
| Pricing date: | May 15, 2009
|
| Settlement dates: | May 15, 2009 (for $276,000), May 27, 2009 (for $40,000), June 10, 2009 (for $20,000), June 26, 2009 (for $28,000), July 24 (for $75,000), Aug. 12 (for $52,000), Aug. 19 (for $25,000), Aug. 31 (for $50,000), Nov. 9 (for $50,000), Dec. 4 (for $65,000), Dec. 16 (for $31,000), Dec. 30 (for $50,000); Jan. 13 (for $55,000)
|
| Stock symbol: | OTCBB: ECOC
|
| Stock price: | $0.50 at close on May 14, 2009
|
| Market capitalization: | $7.88 million
|
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