Investor Southridge commits to purchase common shares at 10% discount
By Devika Patel
Knoxville, Tenn., Jan. 24 - Andalay Solar, Inc. arranged a $5 million 18-month equity purchase agreement with Southridge Partners II LP on Jan. 23, according to an 8-K filed Friday with the Securities and Exchange Commission.
Southridge will pay a purchase price equal to 90% of the lowest closing bid price of the stock during the ten days after purchase.
The investor received 1 million common shares as a commitment fee.
The designer and manufacturer of solar power systems and solar panels is based in Campbell, Calif.
| Issuer: | Andalay Solar, Inc.
|
| Issue: | Equity purchase agreement
|
| Amount: | $5 million
|
| Tenor: | 18 months
|
| Price: | 10% discount
|
| Warrants: | No
|
| Investor: | Southridge Partners II LP
|
| Fees: | 1 million common shares
|
| Settlement date: | Jan. 23
|
| Stock symbol: | OTCBB: WEST
|
| Stock price: | $0.02 at close Jan. 22
|
| Market capitalization: | $2.52 million
|
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