Units of one common share and a warrant sold at $4.00 per unit in deal
By Devika Patel
Knoxville, Tenn., Oct. 1 – Long Island Iced Tea Corp. completed a $291,000 second tranche of a $3 million private placement of units on Sept. 30, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal raised $262,000 on Sept. 17.
The company is selling 750,000 units of one common share and a warrant at $4.00 per unit on a best-efforts basis. It sold 65,500 units in the initial tranche and 72,750 units in the second tranche.
The warrants are each exercisable at $6.00 until Sept. 17, 2018. The strike price is a 34.43% discount to the Sept. 30 closing share price of $9.15.
The Hicksville, N.Y., company distributes ready-to-drink tea.
| Issuer: | Long Island Iced Tea Corp.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | $3 million
|
| Units: | 750,000
|
| Price: | $4.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Sept. 17, 2018
|
| Warrant strike price: | $6.00
|
| Announcement date: | Oct. 1
|
| Settlement date: | Sept. 17 (for $262,000), Sept. 30 (for $291,000)
|
| Stock symbol: | OTCBB: OLIC
|
| Stock price: | $9.15 at close Sept. 30
|
| Market capitalization: | $208.45 million
|
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