Deal sells series C preferred stock and five-year warrants to Eventide
By Devika Patel
Knoxville, Tenn., July 29 – Car Charging Group, Inc. settled an $830,000 private placement of its series C convertible preferred stock with Eventide Gilead Fund on July 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 9,233 preferreds at $89.90 apiece, with a stated value of $100 per preferred.
The preferreds are convertible into common shares at $0.70 per share, which is a 118.75% premium to the July 23 closing price of $0.32.
Eventide also received warrants for 1,318,889 shares, which are each exercisable at $1.00 for five years. The strike price is a 212.5% premium to the July 23 closing price.
Based in Santa Monica, Calif., Car Charging Group provides and installs car charging stations at public locations.
| Issuer: | Car Charging Group, Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $830,000
|
| Shares: | 9,233
|
| Price: | $89.90, with a stated value of $100
|
| Conversion price: | $0.70
|
| Warrants: | For 1,318,889 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Investor: | Eventide Gilead Fund
|
| Settlement date: | July 24
|
| Stock symbol: | OTCBB: CCGI
|
| Stock price: | $0.32 at close July 23
|
| Market capitalization: | $26.95 million
|
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