By Sheri Kasprzak
New York, Sept. 25 - Welund Fund, Inc. concluded the initial tranche of its planned $16 million private placement for $10,809,979.
The company most recently sold 32,429,937 pre-reverse stock split shares at $0.3333 each.
The entire offering includes up to 48,004,800 pre-reverse stock split shares at the same price.
Welund is effecting a 1-for-3 reverse stock split. The price per share following the split would be $1.00, and the number of total shares offered in the deal following the split would be 16 million.
Roth Capital, LLC was the placement agent.
The placement is being conducted as part of Welund's merger with Solar Power, Inc., a wholly owned subsidiary of Welund Acquisition, Inc. As part of the merger agreement, the company was required to complete a private placement for at least $10 million.
Welund, based in Rancho Cordova, Calif., operates as an acquisition company. Prior to the acquisition of Solar Power, Inc., the company had no significant operations.
| Issuer: | Welund Fund, Inc.
|
| Issue: | Stock
|
| Amount: | $16 million
|
| Shares: | 48,004,800
|
| Price: | $0.3333
|
| Warrants: | No
|
| Placement agent: | Roth Capital, LLC
|
| Settlement date: | Sept. 19 (for first $10,809,979 tranche)
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
