By Sheri Kasprzak
New York, Dec. 12 - Odyne Corp. closed the second tranche of a private placement for $2.367 million.
The company issued 2,367 units at $1,000 each.
Each unit consists of one share of series A convertible preferred stock and one warrant for 667 common shares. The warrants are exercisable at $1.00 each through Dec. 4, 2010.
Each preferred is convertible into 1,334 common shares.
Matrix USA LLC was the placement agent.
The first tranche of the deal closed Oct. 23 for $3.033 million as part of the company's reverse merger with PHEV Acquisition Corp.
Odyne, based in Hauppauge, N.Y., develops and manufactures plug-in hybrid electric vehicle propulsion systems for medium- to heavy-duty trucks and buses.
| Issuer: | Odyne Corp.
|
| Issue: | Units of one share of series A convertible preferred stock and one warrant for 667 shares
|
| Amount: | $2.367 million
|
| Units: | 2,367
|
| Price: | $1,000
|
| Conversion ratio: | Each preferred into 1,334 common shares
|
| Warrants: | For 667 shares per unit
|
| Warrant expiration: | Dec. 4, 2010
|
| Warrant strike price: | $1.00
|
| Placement agent: | Matrix USA LLC
|
| Settlement date: | Dec. 6
|
| Stock symbol: | OTCBB: ODYC
|
| Stock price: | $1.85 at close Dec. 6
|
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