Proceeds used to repay debt and for general working capital purposes
By Devika Patel
Knoxville, Tenn., May 23 - T3 Motion, Inc. said it settled a $11.1 million public sale of units. The deal had a $1.1 million greenshoe, which was exercised.
The company sold 3,171,429 units of one common share and two warrants at $3.50 per unit. Of the units, 314,286 were part of the greenshoe.
Chardan Capital Markets, LLC was the underwriter.
Proceeds will be used to repay debt, the balance of a settlement obligation and for general working capital purposes, which may include increased spending of for research and development, sales and marketing and the hiring of additional personnel.
Based in Costa Mesa, Calif., T3 makes personal mobility vehicles powered by electric motors.
| Issuer: | T3 Motion, Inc.
|
| Issue: | Units of one common share and two warrants
|
| Amount: | $11,100,002 (including $1,100,001 greenshoe exercise)
|
| Units: | 3,171,429
|
| Price: | $3.50
|
| Warrants: | Two warrants per unit
|
| Underwriter: | Chardan Capital Markets, LLC
|
| Settlement date: | May 23
|
| Stock symbol: | OTCBB: TTTM
|
| Stock price: | $5.72 at close May 21
|
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