By Devika Patel
Knoxville, Tenn., Aug. 4 - Orckit Communications Ltd. arranged a $10 million three-year standby equity distribution agreement with YA Global Master SPV Ltd. on Tuesday, according to a 6-K filed Wednesday with the Securities and Exchange Commission.
The company may sell up to $10 million in ordinary shares over the agreement's tenor at a price equal to 95.5% of the lowest daily volume-weighted average price of its stock during the five trading days after the company provides an advance notice to YA. Each advance is limited to $500,000.
The company paid an initial commitment fee of $100,000 by issuing 36,414 ordinary shares to YA Global.
Orckit is a Tel Aviv-based maker of broadband telecommunications equipment.
| Issuer: | Orckit Communications Ltd.
|
| Issue: | Equity distribution agreement
|
| Amount: | $10 million
|
| Tenor: | Three years
|
| Price: | 95.5% of lowest daily volume-weighted average price
|
| Warrants: | No
|
| Investor: | YA Global Master SPV Ltd.
|
| Commitment fee: | 36,414 ordinary shares
|
| Agreement date: | Aug. 3
|
| Stock symbol: | Nasdaq: ORCT
|
| Stock price: | $2.85 at close Aug. 3
|
| Market capitalization: | $45.77 million
|
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