By Devika Patel
Knoxville, Tenn., July 30 - Neah Power Systems, Inc. settled a $10 million series B preferred stock financing with Optimus Capital Partners, LLC on Wednesday, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell the 10% preferreds to Optimus from time to time until July 29, 2010. The preferreds are redeemable after four years.
Optimus also will receive five-year warrants, which will be exercisable at a price equal to the closing price of the company's shares on the trading day prior to delivery.
Bothell, Wash.-based Neah Power develops methanol fuel cells using silicon-based technologies.
| Issuer: | Neah Power Systems, Inc.
|
| Issue: | Series B preferred stock
|
| Amount: | $10 million
|
| Dividends: | 10%
|
| Call option: | After four years
|
| Warrants: | Yes
|
| Warrant expiration: | Three years
|
| Investor: | Optimus Capital Partners, LLC
|
| Pricing date: | July 29
|
| Stock symbol: | OTCBB: NPWZ
|
| Stock price: | $19.25 at close July 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
