By Sheri Kasprzak
New York, Dec. 14 - Odyne Corp. raised another $2.367 million from a private placement of series A convertible preferred stock, bringing the total proceeds to $5.4 million.
The company most recently sold 2,367 units of one preferred stock and one warrant at $1,000 per unit.
The preferreds are initially convertible into 1,334 common shares.
The warrants are exercisable at $1.00 each for four years.
Matrix USA LLC was the placement agent.
On Oct. 19, Odyne sold 3,033 units under the same terms as part of its reverse merger with PHEV Acquisition Corp.
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: | $2.367 million
|
| Units: | 2,367
|
| Price: | $1,000
|
| Conversion ratio: | Each preferred into 1,334 common shares
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $1.00
|
| Placement agent: | Matrix USA LLC
|
| Settlement date: | Dec. 6
|
| Stock symbol: | OTCBB: ODYC
|
| Stock price: | $2.50 at close Dec. 6
|
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