By Devika Patel
Knoxville, Tenn., Feb. 17 - OmniReliant Holdings, Inc. completed a $10 million private placement of series F convertible preferred shares with Vicis Capital Master Fund on Feb. 12, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 10 million preferreds at $1.00 apiece to Vicis. Vicis also received a 10-year warrant for 33,333,333 common shares, exercisable at $1.50.
The preferreds have a conversion price of $1.20 and are convertible into 8,333,333 common shares. They may be redeemed at 110% in the first year. There are no dividends.
Midtown Partners & Co., LLC was the agent.
Based in Tampa, Fla., OmniReliant is a product licensing, management and marketing firm.
| Issuer: | OmniReliant Holdings, Inc.
|
| Issue: | Series F convertible preferred stock
|
| Amount: | $10 million
|
| Shares: | 10 million
|
| Price: | $1.00
|
| Conversion price: | $1.20
|
| Conversion ratio: | Into 8,333,333 shares
|
| Warrants: | For 33,333,333 shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $1.50
|
| Agent: | Midtown Partners & Co., LLC
|
| Investor: | Vicis Capital Master Fund
|
| Settlement date: | Feb. 12
|
| Stock symbol: | OTCBB: ORHI
|
| Stock price: | $0.60 at close Feb. 12
|
| Market capitalization: | $11.6 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
