Deal includes warrants; Steel Partners Holdings is the lone investor
By Devika Patel
Knoxville, Tenn., Jan. 11 - ModusLink Global Solutions, Inc. said it plans a $30 million private placement of stock with Steel Partners Holdings LP.
The company will sell 7.5 million common shares at $4.00 apiece. The price per share is a 45.46% premium to the Feb. 8 closing share price of $2.75.
Steel Partners will also receive warrants for 2 million shares, which are each exercisable at $5.00. The strike price also represents an 81.82% premium to the Feb. 8 closing share price.
The Waltham, Mass., company provides supply chain and logistics services to improve clients' revenue, costs, sustainability and customer experience objectives.
| Issuer: | ModusLink Global Solutions, Inc.
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| Issue: | Common shares
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| Amount: | $30 million
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| Shares: | 7.5 million
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| Price: | $4.00
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| Warrants: | For 2 million shares
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| Warrant strike price: | $5.00
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| Investor: | Steel Partners Holdings LP
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| Pricing date: | Feb. 11
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| Stock symbol: | Nasdaq: MLNK
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| Stock price: | $2.75 at close Feb. 8
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| Market capitalization: | $139.48 million
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