Published on 4/4/2011 in the Prospect News PIPE Daily.
AMP Holding raises $400,000 through $2.02 million placement of stock
Company sells common stock at $0.60 apiece through multiple tranches
By Devika Patel
Knoxville, Tenn., April 4 - AMP Holding Inc. settled two tranches of a private placement of stock on March 28 and March 29, according to an 8-K filed Monday with the Securities and Exchange Commission. The company raised $2.02 million in the placement from Dec. 3 through March 29, with $180,000 raised in the latest tranche on March 29 and $210,000 on March 28.
The company sold a total of 3,364,983 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 a total of 1,682,492 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.
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Issue: | Common stock
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Amount: | $2,018,990
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Shares: | 3,364,983
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Price: | $0.60
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Warrants: | For 1,682,492 shares
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Warrant expiration: | Two years
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Warrant strike price: | $0.80
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Agent: | John Carris Investments LLC
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Settlement date: | Dec. 3 (for $352,000); Dec. 17 (for $290,000); Dec. 31 (for $300,000); Jan. 26 (for $262,000), Feb. 17 (for $125,000), March 1 (for $95,000), March 3 for (124,990), March 16 (for $80,000), March 28 (for $210,000), March 29 (for $180,000)
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Stock symbol: | OTCBB: AMPD
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Stock price: | $0.75 at close Dec. 3
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Market capitalization: | $14.08 million
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