By Devika Patel
Knoxville, Tenn., April 5 - Appliance Recycling Centers of America Inc. said it raised $1.55 million in the first tranche of a $1.83 million private placement of stock on April 2.
The company is selling 915,000 common shares at $2.00 per share. Of the shares, 775,000 were issued in the first tranche; the remainder will be sold in a few days.
Proceeds will be used to support the joint venture formed by the company in 2009 to establish and operate a regional processing center for the collection, processing and recycling of appliances in the northeastern United States.
Based in Minneapolis, Appliance Recycling buys and resells damaged and discontinued appliances from major manufacturers.
| Issuer: | Appliance Recycling Centers of America Inc.
|
| Issue: | Common stock
|
| Amount: | $1.83 million
|
| Shares: | 915,000
|
| Price: | $2.00
|
| Warrants: | No
|
| Settlement date: | April 2 (for $1.55 million)
|
| Stock symbol: | Nasdaq: ARCI
|
| Stock price: | $2.87 at close April 1
|
| Market capitalization: | $12.8 million
|
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