BTIG raises funds for sales and marketing and working capital purposes
By Devika Patel
Knoxville, Tenn., Jan. 20 – AudioEye, Inc. settled a $325,000 second tranche of a $3 million private placement of units on Jan. 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal raised $2.68 million on Jan. 7.
The company sold 7.5 million units of one common share and 0.375 warrants at $0.40 per unit. It sold 6,687,500 units in the first tranche and 812,500 units in the second.
Each whole warrant is exercisable at $0.60, a 46.34% premium to the Jan. 6 closing share price of $0.41.
BTIG, LLC was the agent.
Proceeds will be used to expand sales and marketing efforts and for other working capital purposes.
The Tucson company develops media creation and content management software that enables website owners to render their websites in complete audio format.
| Issuer: | AudioEye, Inc.
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| Issue: | Units of one common share and 0.375 warrants
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| Amount: | $3 million
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| Units: | 7.5 million
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| Price: | $0.40
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| Warrants: | 0.375 warrants per unit
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| Warrant strike price: | $0.60
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| Agent: | BTIG, LLC
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| Settlement date: | Jan. 7 (for $2,675,000), Jan. 15 (for $325,000)
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| Stock symbol: | OTCBB: AEYE
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| Stock price: | $0.41 at close Jan. 6
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| Market capitalization: | $28.2 million
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