Company sells 533,334 shares at $1.50 each in initial tranche of deal
By Devika Patel
Knoxville, Tenn., Dec. 18 - MamaMancini's Holdings, Inc. completed an $800,000 initial tranche of a private placement of stock on Dec. 13, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 533,334 common shares at $1.50 per share, a 40% discount to the closing share price of $2.50 on Dec. 12.
The company will sell up to $2.5 million of stock in the private placement.
Proceeds will be used for general corporate purposes, including general and administrative expenses.
Based in East Rutherford, N.J., MamaMancini's manufactures and distributes a line of beef meatballs and sauces.
| Issuer: | MamaMancini's Holdings, Inc.
|
| Issue: | Common stock
|
| Amount: | $800,000
|
| Shares: | 533,334
|
| Price: | $1.50
|
| Warrants: | No
|
| Settlement date: | Dec. 13
|
| Stock symbol: | OTCBB: MMMB
|
| Stock price: | $2.50 at close Dec. 12
|
| Market capitalization: | $56.53 million
|
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