Company sells 4 million shares at 73.91% premium to two investors
By Toni Weeks
San Luis Obispo, Calif., Jan. 9 – Eat at Joe’s, Ltd. said it raised $1.6 million by entering into two separate stock purchase agreements on Dec. 29, according to an 8-K filing with the Securities and Exchange Commission.
The company sold a total of 4 million shares of its restricted common stock to two private accredited investors at $0.40 per share, a 73.91% premium to the closing share price of $0.23 on Dec. 26.
The Scarsdale, N.Y., company develops, owns and operates theme restaurants under the “Eat at Joe’s” brand.
| Issuer: | Eat at Joe’s, Ltd.
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| Issue: | Restricted common stock
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| Amount: | $1.6 million
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| Shares: | 4 million
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| Price: | $0.40
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| Warrants: | No
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| Announcement date: | Jan. 9
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| Settlement date: | Dec. 29
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| Stock symbol: | OTCBB: JOES
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| Stock price: | $0.23 at close Dec. 26
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| Market capitalization: | $40.7 million
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