Deal sells 250 units of 62,500 shares and warrants for 62,500 shares
By Devika Patel
Knoxville, Tenn., Nov. 21 - As Seen On TV, Inc. settled a $345,000 second and final tranche of a $12.5 million private placement of stock on Nov. 17, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company raised $12.16 million on Oct. 28.
The company sold units of 62,500 common shares and warrants for 62,500 shares at $50,000 per unit. It sold 243.1 units in the initial tranche and 6.9 units in the second.
The warrants are exercisable at $1.00 for five years. The strike price is a 33.33% discount to the Oct. 27 closing share price of $1.50.
National Securities Corp. was the agent.
Proceeds will be used to purchase product inventory, for sales initiatives and general working capital.
Based in South Pasadena, Calif., As Seen On TV identifies, develops and markets consumer products for global distribution.
| Issuer: | As Seen On TV, Inc.
|
| Issue: | Units of 62,500 common shares and warrants for 62,500 shares
|
| Amount: | $12.5 million
|
| Units: | 250
|
| Price: | $50,000
|
| Warrants: | Warrants for 62,500 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Agent: | National Securities Corp.
|
| Settlement dates: | Oct. 28 (for $12,155,000), Nov. 18 (for $345,000)
|
| Stock symbol: | Pink Sheets: HNHID
|
| Stock price: | $1.25 at close Oct. 28
|
| Market capitalization: | $9.42 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.
