By Devika Patel
Knoxville, Tenn., Oct. 3 - Titan Energy Worldwide, Inc. announced it plans to raise between $1 million and $10 million in a private placement of units.
The company will sell 100 to 1,000 units of preferred series D stock in the company for $10,000 apiece. Each unit is convertible into 10,000 common shares.
Subscribers will also receive one type A warrant, exercisable at $1.20, and one type B warrant, exercisable at $1.40, for every three shares they convert.
The offering closes on Dec. 31.
Based in Cardiff, Calif., Titan Energy, formerly known as Safe Travel Care, Inc., is a manufacturer, distributor and service provider for generators, emergency power equipment and specialized mobile utility systems.
| Issuer: | Titan Energy Worldwide, Inc.
|
| Issue: | Units of preferred series D stock
|
| Amount: | $1 million (minimum); $10 million (maximum)
|
| Units: | 100 (minimum); 1,000 (maximum)
|
| Price: | $10,000
|
| Conversion: | Each unit convertible into 10,000 common shares
|
| Warrants: | One type A warrant and one type B warrant for every three converted shares
|
| Warrant strike price: | $1.20 (type A warrant); $1.40 (type B warrant)
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| Pricing date: | Oct. 3
|
| Settlement date: | Dec. 31
|
| Stock symbol: | OTCBB: TEWI
|
| Stock price: | $1.08 at close Oct. 2
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