Investor receives shares and cancels $2.02 million of promissory debt
By Devika Patel
Knoxville, Tenn., Aug. 16 - Valence Technology, Inc. completed a $2.02 million private placement of stock on Aug. 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 1,832,653 common shares at $1.10 per share to Berg & Berg Enterprises, LLC.
The per-share price reflects a 1.85% premium to the closing share price, $1.08, on Aug. 12.
The securities were sold in exchange for the investor's cancellation of a promissory note, under which $2 million in principal and $15,917.81 in interest was outstanding.
Austin, Texas-based Valence Technology is a developer of lithium-ion batteries.
| Issuer: | Valence Technology, Inc.
|
| Issue: | Common stock
|
| Amount: | $2,015,918
|
| Shares: | 1,832,653
|
| Price: | $1.10
|
| Warrants: | No
|
| Investor: | Berg & Berg Enterprises, LLC
|
| Settlement date: | Aug. 15
|
| Stock symbol: | Nasdaq: VLNC
|
| Stock price: | $1.10 at close Aug. 15
|
| Market capitalization: | $171.05 million
|
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