By Sheri Kasprzak
New York, Oct. 23 - Odyne Corp. settled a $3,033,000 private placement of series A convertible preferred stock as part of its reverse merger with PHEV Acquisition Corp.
In the placement, the company sold 3,033 units at $1,000 each.
Each unit includes one share of preferred stock and one warrant. Each preferred is initially convertible into 1,334 common shares.
The warrants are exercisable for 667 shares at $1.00 each through Oct. 16, 2010.
Matrix USA LLC was the placement agent.
Under the merger terms, Odyne became a wholly owned subsidiary of PHEV. PHEV issued 12 million shares to the former shareholders of Odyne, representing 54% of PHEV's outstanding common stock, for all of the outstanding shares of Odyne.
Following the merger, Odyne will continue as a technology company that develops and manufactures plug-in hybrid electric vehicle propulsion systems for medium- to heavy-duty trucks and buses.
Odyne is based in Hauppauge, N.Y.
| Issuer: | Odyne Corp.
|
| Issue: | Units of one share of series A convertible preferred stock and one warrant
|
| Amount: | $3,033,000
|
| Units: | 3,033
|
| Price: | $1,000
|
| Conversion ratio: | Each preferred into 1,334 common shares
|
| Warrants: | One warrant for 667 shares per unit
|
| Warrant expiration: | Oct. 16, 2010
|
| Warrant strike price: | $1.00
|
| Placement agent: | Matrix USA LLC
|
| Settlement date: | Oct. 19
|
| Stock symbol: | OTCBB: ODYC
|
| Stock price: | $1.60 at close Oct. 19
|
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