Deal sells common shares at $0.14 per share with 20% warrant coverage
By Devika Patel
Knoxville, Tenn., April 19 – AudioEye, Inc. said it settled a $1.5 million private placement of stock.
The company sold common shares at $0.14 per share, which is a 22.22% discount to the April 18 closing share price of $0.18.
The investors also received 20% warrant coverage. Each warrant is exercisable at $0.25 for five years. The strike price is a 38.89% premium to the April 18 closing price.
Investors included executive chairman Carr Bettis, chief executive officer Todd Bankofier and independent board member E.W. (Sandy) Purcell.
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.
|
| Issue: | Common shares
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| Amount: | $1.5 million
|
| Price: | $0.14
|
| Warrants: | 20% coverage
|
| Warrant expiration: | Five years
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| Warrant strike price: | $0.25
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| Investors: | Carr Bettis, Todd Bankofier and E.W. (Sandy) Purcell
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| Settlement date: | April 19
|
| Stock symbol: | OTCBB: AEYE
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| Stock price: | $0.18 at close April 18
|
| Market capitalization: | $14.5 million
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