Deal sells 2,714,285 shares at $0.28 per share with five-year warrants
By Devika Patel
Knoxville, Tenn., June 24 – Kogeto, Inc. completed a $760,000 initial tranche of a private placement of stock on June 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 2,714,285 common shares at $0.28 per share. The price per share reflects a 56.92% discount to the June 17 closing share price of $0.65.
Investors also received five-year warrants for 542,857 shares. The warrants are each exercisable at $0.32, a 50.77% discount to the June 17 closing share price.
Proceeds will be used for capital expenditures, working capital and other general corporate purposes.
The New York company enables people to capture and share videos on the web.
| Issuer: | Kogeto, Inc.
|
| Issue: | Common stock
|
| Amount: | $760,000
|
| Shares: | 2,714,285
|
| Price: | $0.28
|
| Warrants: | For 542,857 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.32
|
| Settlement date: | June 18
|
| Stock symbol: | OTCBB: KGTO
|
| Stock price: | $0.65 at close June 17
|
| Market capitalization: | $21.74 million
|
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