Offering's investors also receive warrants for 1,428,571 common shares
By Devika Patel
Knoxville, Tenn., Jan. 9 - Northeast Automotive Holdings Inc. settled a $2 million private placement of stock with 13 investors on Dec. 31, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 7,142,857 common shares at $0.28 apiece, a 40% premium to the Dec. 30 closing share price of $0.20.
Investors also received warrants for 1,428,571 shares; the warrants are each exercisable $0.32, a 60% premium to the Dec. 30 closing share price.
The car retailer is based in New York.
Issuer: | Northeast Automotive Holdings Inc.
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Issue: | Common stock
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Amount: | $2 million
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Shares: | 7,142,857
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Price: | $0.28
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Warrants: | For 1,428,571 shares
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Warrant strike price: | $0.32
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Settlement date: | Dec. 31
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Stock symbol: | OTCBB: NEAU
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Stock price: | $0.20 at close Dec. 30
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Market capitalization: | $548,460
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