Company offers 4,285,714 common shares at $1.05 per share through deal
By Devika Patel
Knoxville, Tenn., Oct. 31 – Acorn Energy, Inc. said it has arranged a $4.5 million private placement of stock. Maxim Group LLC is the agent for the deal.
The company will sell 4,285,714 common shares at $1.05 apiece. The purchase price is a 10.16% discount to the Oct. 30 closing share price of $1.28.
Investors will also receive warrants for 2,142,857 shares, which are each exercisable at $1.30 for 5.5 years. The strike price is a 1.56% premium to the Oct. 30 closing price.
Settlement is expected Nov. 5.
Proceeds will be used for general corporate and working capital purposes.
Located in Mahwah, N.J., Acorn Energy develops clean energy technologies.
| Issuer: | Acorn Energy, Inc.
|
| Issue: | Common stock
|
| Amount: | $4.5 million
|
| Shares: | 4,285,714
|
| Price: | $1.05
|
| Warrants: | For 2,142,857 shares
|
| Warrant expiration: | 5.5 years
|
| Warrant strike price: | $1.30
|
| Agent: | Maxim Group LLC
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 5
|
| Stock symbol: | Nasdaq: ACFN
|
| Stock price: | $1.28 at close Oct. 30
|
| Market capitalization: | $22.41 million
|
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