Hunter Wise Securities assists in raising funds for media campaign
By Devika Patel
Knoxville, Tenn., Feb. 1 - Weikang Bio-Technology Group Co., Inc. said it completed a private placement of units. It raised $5 million via lead agent Hunter Wise Securities, LLC.
The company sold 520,831 units of four common shares and two three-year warrants at $9.60 apiece.
The series C warrants are exercisable at $3.60 apiece. The series D warrants are exercisable at $4.80 per share. The strike prices are 1.12% and 34.83% premiums, respectively, to the Jan. 31 closing share price of $3.56.
"The offering will finance a media campaign utilizing print, radio and television to create further awareness of Weikang products in our markets," chairman and chief executive officer Yin Wang said in a press release.
Based in Shuangcheng City, China, Weikang develops and sells health and nutritional supplements.
| Issuer: | Weikang Bio-Technology Group Co., Inc.
|
| Issue: | Units of four common shares and two three-year warrants
|
| Amount: | $5 million
|
| Units: | 520,831
|
| Price: | $9.60
|
| Warrants: | Two warrants per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $3.60 (series C), $4.80 (series D)
|
| Agent: | Hunter Wise Securities, LLC (lead)
|
| Settlement date: | Feb. 1
|
| Stock symbol: | OTCBB: WKBT
|
| Stock price: | $3.56 at close Jan. 31
|
| Market capitalization: | $101.03 million
|
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