Proceeds to be used for development, marketing of hopTo platform
By Toni Weeks
San Luis Obispo, Calif., Jan. 13 - hopTo Inc. settled a $3.39 million private placement of units on Jan. 7, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 11,299,999 units of one common share and one half-share warrant at $0.30 per unit.
Each warrant is exercisable through Jan. 7, 2019 at $0.40, a 5.26% premium to the closing share price of $0.38 on Jan. 6.
Proceeds will be used for general and working capital purposes, including development, marketing and monetization of the company's hopTo platform.
The mobile productivity solutions company is based in Campbell, Calif.
| Issuer: | hopTo Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $3.39 million
|
| Shares: | 11,299,999
|
| Price: | $0.30
|
| Warrants: | One half-share warrant per unit (for 5,650,001 shares)
|
| Warrant expiration: | Jan 7, 2019
|
| Warrant strike price: | $0.40
|
| Settlement date: | Jan. 7
|
| Stock symbol: | OTCBB: HPTO
|
| Stock price: | $0.38 at close Jan. 6
|
| Market capitalization: | $32.47 million
|
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