Chardan Capital Markets is the agent for offering of equity units
By Devika Patel
Knoxville, Tenn., Feb. 3 - SulphCo Inc. reported that Chardan Capital Markets, LLC will be the agent for a registered direct offering of units. The deal was negotiated with two investors on Feb. 1 and will raise $2 million, the company said in an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell 13,333,334 units of one common share and two warrants, one exercisable for 0.45 shares and the other for 0.24 shares, at $0.15 per unit.
The 0.45 warrants will be exercisable at $0.20 for five years. The 0.24 warrants will be exercisable at $0.20 for 66 months. The strike prices are a 5.26% premium to the Jan. 31 closing share price of $0.19.
Settlement is expected Feb. 4.
Proceeds will be used for general corporate purposes, including research and development, general and administrative expenses and potential acquisitions of technologies.
SulphCo is a Houston-based energy technology company focused on an oxidative desulfurization process for liquid petroleum streams.
| Issuer: | SulphCo Inc.
|
| Issue: | Units of one common share and two warrants
|
| Amount: | $2 million
|
| Units: | 13,333,334
|
| Price: | $0.15
|
| Warrants: | Two warrants per unit (one for 0.45 shares, the other for 0.24 shares)
|
| Warrant expiration dates: | Five years (0.45 warrant), 66 months (0.24 warrant)
|
| Warrant strike price: | $0.20
|
| Agent: | Chardan Capital Markets, LLC
|
| Pricing date: | Feb. 1
|
| Settlement date: | Feb. 4
|
| Stock symbol: | NYSE: SUF
|
| Stock price: | $0.19 at close Jan. 31
|
| Market capitalization: | $16.27 million
|
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