By Sheri Kasprzak
Atlanta, Jan. 18 - Knockout Holdings Inc. has closed a previously announced private placement for $5.5 million, falling just short of its original goal.
The company sold 117,296 units at $46.89 each. The units include one series B preferred share and a warrant for 16 common shares.
The warrants allow for an additional share at $2.25 each for five years.
The preferreds pay an annual dividend of 10% and are convertible into about 160 common shares at a conversion price equal to the stated value divided by $0.2931.
Duncan Capital LLC was the placement agent in the deal.
Knockout Holdings, based in Northlake, Ill., develops and markets the George Foreman's Knock-Out line of nontoxic cleaners and disinfectants.
| Issuer: | Knockout Holdings Inc.
|
| Issue: | Units of series B preferred stock and common stock warrants
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| Amount: | $5.5 million
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| Shares: | 117,296
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| Price: | $46.89
|
| Dividend: | 10%
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| Conversion price: | Stated value divided by $0.2931
|
| Warrants: | For 2,047,200 shares
|
| Warrant expiration: | Five years
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| Warrant strike price: | $2.25
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| Placement agent: | Duncan Capital LLC
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| Announcement date: | Jan. 13
|
| Settlement date: | Jan. 18
|
| Stock price: | $1.12 at close Jan. 13
|
| Stock price: | $1.30 at close Jan. 18
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