Company sells 1.5 million shares at $1.00 per share, a 13.04% discount
By Devika Patel
Knoxville, Tenn., April 2 - Encision Inc. said it completed a $1.5 million private placement of stock.
The company sold 1.5 million common shares at $1.00 per share. The price per share reflects a 13.04% discount to $1.15, the closing share price on March 30 and is also about a 6% discount to the 20-day volume-weighted average price on March 30, the company said in a press release.
"Net proceeds from the sale of the shares will be used for sales, marketing and quality programs and needed product development to enable the company to aggressively execute its business plan," president and chief executive officer Fred Perner said in a press release.
"In addition, this common stock private placement, together with our line of credit with Silicon Valley Bank, has greatly improved the company's liquidity position."
Encision is a medical device company located in Boulder, Colo.
| Issuer: | Encision Inc.
|
| Issue: | Common stock
|
| Amount: | $1.5 million
|
| Shares: | 1.5 million
|
| Price: | $1.00
|
| Warrants: | No
|
| Settlement date: | April 2
|
| Stock symbol: | Pink Sheets: ECIA
|
| Stock price: | $1.15 at close March 30
|
| Market capitalization: | $6.78 million
|
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