Company sells common stock at $0.15 per share with five-year warrants
By Devika Patel
Knoxville, Tenn., Dec. 19 - Enova Systems, Inc. settled the first $450,000 tranche of a $2.25 million private placement of stock on Dec. 15, according to an 8-K filed Monday with the Securities and Exchange Commission. Merriman Capital, Inc. is the agent.
The company is selling 15 million common shares at $0.15 apiece. It sold 3 million shares to Anthony Low-Beer and ALB Private Investments LLC in the first tranche. The price per share is a 28.57% discount to the Dec. 14 closing share price of $0.21.
Investors will also receive one warrant for each share bought. The five-year warrants are exercisable at a price equal to the volume weighted average price of the company's common stock for the 20 trading days immediately preceding settlement.
Based in Torrance, Calif., Enova makes digital power-control systems for automobile engines.
| Issuer: | Enova Systems, Inc.
|
| Issue: | Common stock
|
| Amount: | $2.25 million
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| Shares: | 15 million
|
| Price: | $0.15
|
| Warrants: | One warrant per share
|
| Warrant expiration: | Five years
|
| Agent: | Merriman Capital, Inc.
|
| Investors: | Anthony Low-Beer and ALB Private Investments LLC (for $450,000)
|
| Settlement date: | Dec. 15 (for $450,000)
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| Stock symbol: | Amex: ENA
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| Stock price: | $0.22 at close Dec. 15
|
| Market capitalization: | $6.65 million
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