Ecoark settles $7.79 million tranche of $17.35 million sale of units

Deal offers 4,336,625 units of one share, a warrant at $4.00 per unit

By Devika Patel

Knoxville, Tenn., May 4 – Ecoark Holdings, Inc. completed a $7.79 million second tranche of a $17.35 million private placement of units with 214 investors on April 28, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal raised $9.56 million on March 31.

The company sold 4,336,625 units of one common share and one warrant at $4.00 per unit on a best-efforts basis. It sold 2,388,750 units in the first tranche and 1,947,875 units in the second.

Each warrant is exercisable at $5.00 until Dec. 31, 2018.

The Rogers, Ark., company, formerly Magnolia Solar Corp., develops thin film solar cell technologies that employ nanostructured materials and designs.

Issuer:	Ecoark Holdings, Inc.
Issue:	Units of one common share and one warrant
Amount:	$17,346,500
Units:	4,336,625
Price:	$4.00
Warrants:	One warrant per unit
Warrant expiration:	Dec. 31, 2018
Warrant strike price:	$5.00
Announcement date:	April 6
Settlement date:	March 31 (for $9,555,000), April 28 (for $7,791,500)

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