Company sells 27,678,572 common shares at $0.0112 apiece with warrants
By Devika Patel
Knoxville, Tenn., May 18 - Neah Power Systems, Inc. settled a $310,000 private placement of stock between May 2 and May 15, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 27,678,572 common shares at $0.0112 apiece, a 12% premium to the May 17 closing share price of $0.01.
Investors also received 27,678,572 warrants. The warrants are each exercisable at $0.015 for three years. The strike price is a 50% premium to the May 17 closing price.
Bothell, Wash.-based Neah Power develops methanol fuel cells using silicon-based technologies.
| Issuer: | Neah Power Systems, Inc.
|
| Issue: | Common shares
|
| Amount: | $310,000
|
| Shares: | 27,678,572
|
| Price: | $0.0112
|
| Warrants: | 27,678,572
|
| Warrant expiration: | Three years
|
| Warrant strike prices: | $0.015
|
| Settlement date: | May 2 through May 15
|
| Stock symbol: | OTCBB: NPWZ
|
| Stock price: | $0.01 at close May 17
|
| Market capitalization: | $2.39 million
|
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