By Sheri Kasprzak
New York, July 7 - Nexicon, Inc. said it has received a standby equity distribution agreement for up to $20 million from Cornell Capital Partners, LP.
Under the terms of the agreement, Cornell will buy shares from Nexicon at 99% of the lowest volume weighted-average price of the company's stock for five trading days immediately after the notice of a draw. Cornell will retain 5% of each draw.
The company may not draw more than $300,000 on the equity line for six trading days.
Based in Albuquerque, Nexicon is a network controls, security and operational support company.
| Issuer: | Nexicon, Inc.
|
| Issue: | Standby equity distribution agreement
|
| Amount: | $20 million
|
| Price: | 99% of the lowest volume-weighted average price for five trading days after notice of a draw
|
| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | June 24
|
| Stock price: | $0.028 at close June 24
|
|
|
© 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.
