By Sheri Kasprzak
Atlanta, Nov. 19 - Knobias Inc. said Friday it received a $10 million standby equity distribution agreement and another $1.15 million in a private placement of shares.
On Nov. 15, the company entered into the standby equity distribution agreement with Cornell Capital LLC.
Knobias may, at its discretion, sell Cornell shares of common stock at 98% of its lowest volume weighted average price on the over-the-counter bulletin board for five consecutive trading days.
Advances cannot exceed $250,000 each and the maximum amount of advances in any 30-day period is $1 million.
Cornell Capital received 666,667 shares and a fee of $15,000 for the execution of the agreement.
Newbridge Securities Corp. was placement agent.
On Nov. 15, the company also received $1.15 million from a private placement of series A preferred shares.
The company sold 958,333 shares of series A preferred stock at $1.20 each.
Based in Ridgeland, Miss., Knobias provides research on publicly traded companies. The standby equity distribution agreement and the private placement of convertible preferreds are part of the company's merger with KHI Acquisition Co.
| Issuer: | Knobias Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $10 million
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| Price: | 98% of the lowest volume weighted average price for five trading days
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| Warrants: | No
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| Placement agent: | Newbridge Securities Corp.
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| Investor: | Cornell Capital Corp.
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| Pricing date: | Nov. 15
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| Issuer: | Knobias Inc.
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| Issue: | Series A preferred shares
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| Amount: | $1.15 million
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| Shares: | 958,333
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| Price: | $1.20
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| Warrants: | No
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| Settlement date: | Nov. 15
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| Stock price: | $0.51 at close Nov. 15
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