Agent Reedland Capital Partners procures two-year drawdown agreement
By Devika Patel
Knoxville, Tenn., Aug. 16 - Emcore Corp. negotiated a $50 million two-year equity financing agreement with Commerce Court Small Cap Value Fund, Ltd. on Aug. 16, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Reedland Capital Partners was the agent.
The shares will be sold at a purchase price equal to 95% of the daily volume-weighted average price of the company's common stock during the ten-day drawdown period following the advance notice.
The company may issue up to 24 drawdown notices, with at least five trading days between each drawdown.
The investor received 110,947 shares as a commitment fee.
Based in Albuquerque, N.M., Emcore is a provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite and solar power markets.
| Issuer: | Emcore Corp.
|
| Issue: | Equity financing agreement
|
| Amount: | $50 million
|
| Tenor: | Two years
|
| Price: | 5% discount
|
| Warrants: | No
|
| Agent: | Reedland Capital Partners
|
| Investor: | Commerce Court Small Cap Value Fund, Ltd.
|
| Fees: | 110,947 shares
|
| Settlement date: | Aug. 16
|
| Stock symbol: | Nasdaq: EMKR
|
| Stock price: | $1.77 at close Aug. 16
|
| Market capitalization: | $164.57 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
