Deal with Southridge to span two years; common shares discounted 12%
By Devika Patel
Knoxville, Tenn., July 1 – 2050 Motors Inc. arranged a $10 million two-year equity purchase agreement with Southridge Partners II, LP on June 24, according to an 8-K filed Friday with the Securities and Exchange Commission.
The shares will be sold at a purchase price equal to 88% of the lowest closing price of the common stock during the 10 trading days following a put notice.
The Las Vegas company makes and sells electric automobiles.
| Issuer: | 2050 Motors Inc.
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| Issue: | Equity purchase agreement
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| Amount: | $10 million
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| Tenor: | Two years
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| Price: | 12% discount
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| Warrants: | No
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| Fees: | $25,000
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| Investor: | Southridge Partners II, LP
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| Pricing date: | June 24
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| Stock symbol: | OTCBB: ETFM
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| Stock price: | $0.08 at close June 23
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| Market capitalization: | $5.15 million
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