Investor Avis Budget Group also receives warrants for 600,000 shares
By Devika Patel
Knoxville, Tenn., Aug. 23 - I.D. Systems, Inc. completed a $4.61 million private placement of stock with Avis Budget Group, Inc. on Aug. 22, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 1 million common shares at $4.6045 per share, which is a 1.42% premium to the Aug. 19 closing share price of $4.54.
Avis also received warrants for 600,000 shares, which are each initially exercisable at $10.00 for five years. The strike price reflects a 120.26% premium to the Aug. 19 closing share price.
Based in Woodcliff Lake, N.J., I.D. Systems is a provider of wireless solutions for securing, tracking and managing high-value enterprise assets, including industrial vehicles, such as forklifts and airport ground support equipment, transportation assets including trailers, containers and rental cars.
| Issuer: | I.D. Systems, Inc.
|
| Issue: | Common shares
|
| Amount: | $4,604,500
|
| Units: | 1 million
|
| Price: | $4.6045
|
| Warrants: | For 600,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $10.00
|
| Investor: | Avis Budget Group, Inc.
|
| Settlement date: | Aug. 22
|
| Stock symbol: | Nasdaq: WEST
|
| Stock price: | $4.85 at close Aug. 22
|
| Market capitalization: | $60.13 million
|
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