By Sheri Kasprzak
New York, Feb. 2 - Telkonet, Inc. closed a $10 million private placement.
The company sold 4 million shares at $2.50 each to two institutional investors.
The investors received warrants for 2.6 million shares, exercisable at $4.17 each for five years.
Proceeds will be used for working capital and for strategic initiatives.
Located in Germantown, Md., Telkonet develops technology for transmitting high-speed voice, video and data communications over existing electrical wiring.
| Issuer: | Telkonet, Inc.
|
| Issue: | Stock
|
| Amount: | $10 million
|
| Shares: | 4 million
|
| Price: | $2.50
|
| Warrants: | 2.6 million
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.17
|
| Settlement date: | Feb. 2
|
| Stock symbol: | Amex: TKO
|
| Stock price: | $3.14 at close Feb. 2
|
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