By Devika Patel
Knoxville, Tenn., June 1 - Active Power, Inc. settled a $3 million private placement of stock on May 29, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 6 million common shares at $0.50 apiece.
Proceeds will be used for working capital and general corporate purposes.
Based in Austin, Texas, Active Power designs, manufactures and markets battery-free backup power products.
| Issuer: | Active Power, Inc.
|
| Issue: | Common stock
|
| Amount: | $3 million
|
| Shares: | 6 million
|
| Price: | $0.50
|
| Warrants: | No
|
| Settlement date: | May 29
|
| Stock symbol: | Nasdaq: ACPW
|
| Stock price: | $0.49 at close May 29
|
| Market capitalization: | $29.2 million
|
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