By Devika Patel
Knoxville, Tenn., Aug. 4 - Avantair, Inc. amended a $1.42 million private placement of units it settled on June 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The amendment was made on Friday and allows the company to sell additional units until Sept. 15.
In the placement, the company sold 567,200 units at $2.50 apiece. Each unit consists of two common shares and one warrant.
Each warrant is exercisable at $4.00 until June 30, 2012.
Avantair is a fractional aircraft operator based in Clearwater, Fla.
| Issuer: | Avantair, Inc.
|
| Issue: | Units of two common shares and a warrant
|
| Amount: | $1,418,000
|
| Units: | 567,200
|
| Price: | $2.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | June 30, 2012
|
| Warrant strike price: | $4.00
|
| Settlement date: | June 30
|
| Amended: | July 31
|
| Stock symbol: | OTCBB: AAIR
|
| Stock price: | $1.15 at close June 30
|
| Market capitalization: | $25.3 million
|
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