Common shares sold at $1.12 per share to finance capital expenditures
By Devika Patel
Knoxville, Tenn., April 4 – Meridian Waste Solutions, Inc. completed a $700,000 second tranche of a $1.6 million private placement of stock on April 1, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal raised $500,000 on March 23.
The company is selling common shares at $1.12 per share. The price per share is a 25.33% discount to $1.50, the March 22 closing share price. Meridian sold 446,429 shares in the first tranche and 625,001 shares in the second.
Proceeds will be used for capital expenditures.
The residential and commercial waste hauling company is based in Milton, Ga.
| Issuer: | Meridian Waste Solutions, Inc.
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| Issue: | Common stock
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| Amount: | $1.6 million
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| Price: | $1.12
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| Warrants: | No
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| Pricing date: | March 23
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| Settlement date: | March 23 (for $500,000), April 1 (for $700,000)
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| Stock symbol: | OTCBB: MRDN
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| Stock price: | $1.50 at close March 22
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| Market capitalization: | $34.45 million
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