By Laura Lutz
Des Moines, Oct. 26 - Beacon Power Corp. arranged a private placement of units for $25 million.
Three of Beacon's existing investors agreed to buy 11,911,852 units at $2.09875 apiece. Quercus Trust is the lead investor.
Each unit consists of one share and a warrant for 0.95 of a share. The warrants will be exercisable at $2.97 per share, beginning six months after issuance and expiring five years later.
The warrants are immediately separable from the units.
Merriman Curhan Ford & Co. is the placement agent.
Settlement is expected on Oct. 31.
Beacon Power is a Wilmington, Mass.-based developer of products and services for electric grid operations.
| Issuer: | Beacon Power Corp.
|
| Issue: | Units of one share and one 0.95-share warrant
|
| Amount: | $25 million
|
| Units: | 11,911,852
|
| Price: | $2.09875
|
| Warrants: | For 0.95 shares per unit
|
| Warrant expiration: | Five years, beginning six months after issuance
|
| Warrant strike price: | $2.97
|
| Agent: | Merriman Curhan Ford & Co.
|
| Investor: | Quercus Trust (lead)
|
| Pricing date: | Oct. 25
|
| Settlement date: | Oct. 31
|
| Stock symbol: | Nasdaq: BCON
|
| Stock price: | $1.99 at close Oct. 25
|
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