Agent Maxim sells notes with two-year warrants for 10,975,608 shares
By Devika Patel
Knoxville, Tenn., Nov. 5 – Axion Power International, Inc. arranged a $9 million private placement of senior convertible notes on Nov. 4, according to an 8-K filed Thursday with the Securities and Exchange Commission. Maxim Group LLC is the agent.
The 9% notes are due in 14 months and will convert to common shares at $1.23 per share. The conversion price is a 4.24% premium to the Nov. 3 closing share price of $1.18.
In addition, the investors received 10,975,608 two-year warrants. Each warrant is exercisable at the lesser of $1.29 and 85% of the market price at the time of exercise.
New Castle, Pa.-based Axion specializes in developing energy storage devices.
| Issuer: | Axion Power International, Inc.
|
| Issue: | Senior convertible notes
|
| Amount: | $9 million
|
| Maturity: | 14 months
|
| Coupon: | 9%
|
| Conversion price: | $1.23
|
| Conversion premium: | 4.24%
|
| Warrants: | 10,975,608
|
| Warrant expiration: | Two years
|
| Warrant strike price: | The lesser of $1.29 and 85% of the market price at the time of exercise
|
| Agent: | Maxim Group LLC
|
| Pricing date: | Nov. 4
|
| Stock symbol: | Nasdaq: AXPW
|
| Stock price: | $1.18 at close Nov. 3
|
| Market capitalization: | $4.1 million
|
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