Funds used for general corporate purposes, including working capital
By Devika Patel
Knoxville, Tenn., July 29 – Long Island Iced Tea Corp. said it completed a $6.93 million public sale of shares. The offering was announced June 9.
The company sold 1,242,685 common shares at $5.58 per share, an 18.54% discount to the July 28 closing share price of $6.85.
Network 1 Financial Securities, Inc. was the agent and Alexander Capital, LP was a selected dealer.
Proceeds will be used for general corporate purposes, including working capital, sales and marketing, product development, general and administrative matters, capital expenditures and acquisitions.
The Hicksville, N.Y., company distributes ready-to-drink tea.
| Issuer: | Long Island Iced Tea Corp.
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| Issue: | Common stock
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| Amount: | $6,934,820
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| Shares: | 1,242,685
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| Price: | $5.58
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| Warrants: | No
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| Agent: | Network 1 Financial Securities, Inc.
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| Announcement date: | June 9
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| Settlement date: | July 29
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| Stock symbol: | Nasdaq: LTEA
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| Stock price: | $6.85 at close July 28
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| Market capitalization: | $28.26 million
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