Company sells common stock at $0.60 apiece through multiple tranches
By Devika Patel
Knoxville, Tenn., Jan. 31 - AMP Holding Inc. settled a $262,000 tranche of a $2.84 million private placement of stock on Jan. 26, according to an 8-K filed Monday with the Securities and Exchange Commission. The company raised $1.2 million in the placement from Dec. 3 through Jan. 26.
The company sold a total of 2,006,667 common shares at $0.60 apiece. The price per share reflects a 20% discount to $0.75, the Dec. 2 closing share price.
Investors also received warrants for 1,003,334 common shares, which are exercisable at $0.80 per share for two years. The strike price reflects a 6.67% premium to the Dec. 2 closing share price.
John Carris Investments LLC was the agent.
The Overland Park, Kan., company designs, markets and sells modified automobiles.
| Issuer: | AMP Holding Inc.
|
| Issue: | Common stock
|
| Amount: | $1,204,000
|
| Shares: | 2,006,667
|
| Price: | $0.60
|
| Warrants: | For 1,003,334 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.80
|
| Agent: | John Carris Investments LLC
|
| Settlement dates: | Dec. 3 (for $352,000); Dec. 17 (for $290,000); Dec. 31 (for $300,000); Jan. 26 (for $262,000)
|
| Stock symbol: | OTCBB: AMPD
|
| Stock price: | $0.75 at close Dec. 3
|
| Market capitalization: | $15.64 million
|
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