Deal funds research, development, salaries, benefits, debt repayment
By Devika Patel
Knoxville, Tenn., May 19 - Enerpulse Technologies, Inc. priced a $4 million public sale of units with a $600,000 greenshoe, according to a prospectus filed Monday with the Securities and Exchange Commission.
The company will sell 5 million units of one common share and 1.5 warrants at $0.80 per unit, with each whole five-year warrant exercisable at $0.96. The strike price is a 33.33% premium to the May 16 closing share price of $0.72.
Roth Capital Partners is the bookrunner.
Settlement is expected May 19.
Proceeds will be used for research and development, salaries and benefits, debt repayment and general working capital purposes.
The Albuquerque, N.M., company offers an ignition device for use in all spark ignited internal combustion engines.
| Issuer: | Enerpulse Technologies, Inc.
|
| Issue: | Units of one common share and 1.5 warrants
|
| Amount: | $4 million
|
| Greenshoe: | $600,000
|
| Units: | 5 million
|
| Price: | $0.80
|
| Warrants: | 1.5 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.96
|
| Bookrunners: | Roth Capital Partners
|
| Co-manager: | Northland Capital Markets
|
| Pricing date: | May 19
|
| Settlement date: | May 19
|
| Stock symbol: | OTCBB: ENPT
|
| Stock price: | $0.72 at close May 16
|
| Market capitalization: | $6.29 million
|
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