Units of one common share and a warrant sold at $4.00 per unit in deal
By Devika Patel
Knoxville, Tenn., March 17 – Long Island Iced Tea Corp. completed a $636,900 tranche of a $3 million private placement of units on March 14, according to an 8-K filed Thursday with the Securities and Exchange Commission. It raised $40,000 on Nov. 30, $33,000 on Dec. 14 and $50,000 on Feb. 29.
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 10,000 units on Nov. 30, 8,250 units on Dec. 14, 12,500 units on Feb. 29 and 159,225 units on March 14.
The warrants are each exercisable at $6.00 until Nov. 30, 2018. The strike price is a 29.41% discount to the March 11 closing share price of $8.50.
Network 1 Financial Services, Inc. is the agent.
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: | Nov. 30, 2018
|
| Warrant strike price: | $6.00
|
| Agent: | Network 1 Financial Services, Inc.
|
| Settlement date: | Nov. 30 (for $40,000), Dec. 14 (for $33,000), Feb. 29 (for $50,000), March 14 (for $636,900)
|
| Stock symbol: | OTCBB: LTEA
|
| Stock price: | $8.50 at close March 11
|
| Market capitalization: | $47.33 million
|
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