Series C preferreds sold with five-year warrants through Maxim Group
By Devika Patel
Knoxville, Tenn., March 7 - Premier Alliance Group, Inc. said it concluded a private placement of 7% series C preferred stock. The company raised $5 million through agent Maxim Group LLC.
The company sold 2,380,952 preferreds at $2.10 apiece.
The preferreds are convertible into 7,142,856 common shares at $0.70 per share, which is identical to the March 4 closing share price of $0.70.
Investors also received 7,142,856 warrants. The warrants are exercisable at $0.77 for five years. The strike price is a 10% premium to the March 4 closing share price.
The business consulting services provider is based in Charlotte, N.C.
| Issuer: | Premier Alliance Group, Inc.
|
| Issue: | Series C preferred stock
|
| Amount: | $5 million
|
| Shares: | 2,380,952
|
| Price: | $2.10
|
| Dividends: | 7%
|
| Conversion price: | $0.70
|
| Conversion ratio: | Into 7,142,856 shares
|
| Warrants: | 7,142,856
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.77
|
| Agent: | Maxim Group LLC
|
| Settlement date: | March 7
|
| Stock symbol: | OTCBB: PIMO
|
| Stock price: | $0.70 at close March 4
|
| Market capitalization: | $4.59 million
|
© 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.
