Investor Lone Star Value helps company finance expansion, acquisitions
By Toni Weeks
San Luis Obispo, Calif., May 26 – Ameri Holdings, Inc. said it arranged a $10 million private placement consisting of $5 million of convertible debt and $5 million of warrants as part of its transition into a public company. Lone Star Value Investors, LP was the investor.
The note will be convertible at $1.80 per share, which is a 104.55% premium to the closing share price of $0.88 on May 20.
The warrants are exercisable at $1.80 per share, also a 104.55% premium to the May 20 closing share price.
Proceeds will be used for market expansion and strategic acquisitions.
Edison, N.J.-based Ameri is a next-generation technology management solutions firm. It will conduct business under the brand name “Ameri100” following the completion of its reverse merger, in which Ameri and Partners Inc. became a wholly owned subsidiary of Ameri Holdings.
| Issuer: | Ameri Holdings, Inc.
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| Issue: | Convertible note, warrants
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| Amount: | $10 million
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| Conversion price: | $1.80
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| Warrants: | For $5 million of shares
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| Warrant strike price: | $1.80
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| Conversion price: | $1.80
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| Investor: | Lone Star Value Investors, LP
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| Pricing date: | May 26
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| Stock symbol: | OTCBB: SPZRD (temporary)
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| Stock price: | $0.88 at close May 20
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| Market capitalization: | $18.75 million
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