Deal sells 1.25 million shares, 718,750 warrants via bookrunner Aegis
By Devika Patel
Knoxville, Tenn., Nov. 5 - InterCloud Systems, Inc. said it settled a public offering of stock, raising about $5 million. The deal was announced on Aug. 5 and it priced for $5 million with a $750,000 greenshoe on Oct. 30.
The greenshoe was exercised.
The company sold 1.25 million common shares at $4.00 per share. Investors also received warrants for 625,000 shares. The warrants are each exercisable at $5.00 for five years.
The company issued 93,750 additional warrants as part of the greenshoe.
The strike price is a 15.83% discount to the Oct. 29 closing share price of $5.94. The price per common share is a 32.66% discount to that price.
Aegis Capital Corp. was the bookrunning manager.
About $18.2 million of the proceeds will be used to complete the company's planned acquisition of Integration Partners-NY Corp., with the remainder used for working capital and general corporate purposes.
Based in Boca Raton, Fla., the company is an end-to-end provider of cloud and managed service-based platforms, professional services, applications and infrastructure to the telecommunications industry and corporate enterprises.
Issuer: | InterCloud Systems, Inc.
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Issue: | Common stock
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Amount: | $5 million (approximate)
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Shares: | 1.25 million
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Price: | $4.00
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Warrants: | For 718,750 shares
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Warrant expiration: | Five years
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Warrant strike price: | $5.00
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Bookrunner: | Aegis Capital Corp.
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Announcement date: | Aug. 5
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Pricing date: | Oct. 30
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Settlement date: | Nov. 5
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Stock symbol: | OTCBB: ICLD
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Stock price: | $5.94 at close Oct. 29
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Market capitalization: | $15.56 million
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