By Sheri Kasprzak
New York, July 19 - Enova Systems, Inc. said it plans to raise up to $20.2 million in a private placement of stock.
The offering includes up 5.35 million shares which will be sold to eligible investors in the United Kingdom at a price of 215 pence.
Using a conversion rate of £1.00 to $1.75 and allowing for a planned one for 45 reverse split of its stock, the sale price is equivalent to $0.084, compared to the close of $0.095 per share on July 15.
The closing of the deal is contingent upon the company receiving a trading listing on the AIM Market of the London Stock Exchange.
Investec Investment Bank is the placement agent.
Based in Torrance, Calif., Enova manufactures digital power-control systems for automobile engines.
| Issuer: | Enova Systems, Inc.
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| Issue: | Stock
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| Amount: | $20.2 million
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| Shares: | 5.35 million
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| Price: | £2.15
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| Warrants: | No
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| Placement agent: | Investec Investment Bank
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| Pricing date: | July 19
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| Stock price: | $0.091 at close July 19 (pre split)
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