Deal sells 2,463,125 shares at $0.80 and warrants for 1,231,563 shares
By Devika Patel
Knoxville, Tenn., Dec. 18 - Encision Inc. said it completed a $1.97 million private placement of stock.
The company sold 2,463,125 common shares at $0.80 per share. The price per share reflects a 17.53% discount to $0.97, the closing share price on Dec. 17, and is also about a 12% discount to the 20-day volume-weighted average price on Dec. 13, the company said in a press release.
The investors also received warrants for 1,231,563 shares. The warrants are each exercisable at $1.20 for five years. The strike price reflects a 23.71% premium to the Dec. 17 closing price.
Encision is a medical device company located in Boulder, Colo.
| Issuer: | Encision Inc.
|
| Issue: | Common stock
|
| Amount: | $1,970,500
|
| Shares: | 2,463,125
|
| Price: | $0.80
|
| Warrants: | For 1,231,563 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.20
|
| Settlement date: | Dec. 18
|
| Stock symbol: | OTCBB: ECIA
|
| Stock price: | $0.97 at close Dec. 17
|
| Market capitalization: | $6.73 million
|
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