By LLuvia Mares
New York, Oct. 29 - Odyne Corp. announced it completed a $3.2 million private placement of 10% senior secured convertible notes and warrants to purchase shares.
The company issued the convertible notes and warrants to a group of accredited investors. Each unit consists of $100,000 principal amount of 10% senior secured convertible debentures and warrants to purchase shares at an exercise price of $0.75 per share, subject to anti-dilution provisions.
The debentures bear interest at 10% per year, payable in cash or stock at the company's option, and mature after 18 monhts. The conversion price was not disclosed. The warrants are exercisable at any time and expire after three years.
Quercus Trust was lead investor in the transaction.
Proceeds will be used for working capital and capital expenditure requirements.
Hauppauge, N.Y.-based Odyne is a clean technology company that develops and manufactures propulsion systems for advanced plug-in hybrid electric vehicles.
Issuer: Odyne Corp.
Issue: Convertible notes
Amount: $3.2 million
| Maturity: | 18 months
|
| Coupon: | 10%
|
| Price: | Par of $100,000
|
| Yield: | 10%
|
| Warrants: | Yes
|
| Warrant strike price: | $0.75
|
| Warrant expiration: | Three years
|
| Investor: | Quercus Trust (lead)
|
| Settlement date: | Oct. 29
|
| Stock symbol: | OBTCC: ODYC
|
| Stock price: | $0.47 at close on Oct. 26
|
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