Deal sells units of one common share and one warrant via Livingston
By Devika Patel
Knoxville, Tenn., Nov. 20 – Zero Gravity Solutions Inc. settled a $3 million initial tranche of a $7 million private placement of units on Nov. 19, according to an 8-K filed Friday with the Securities and Exchange Commission. Livingston Securities, LLC is the agent.
The company is selling units of one common share and one warrant at $1.25 per unit.
Each warrant is exercisable at $2.00 for five years. The strike price is a 71.43% discount to $7.00, the Nov. 18 closing share price.
Proceeds will be used to support the rollout of the company’s first commercial product, BAM-FX, in agricultural markets.
The zero gravity and agricultural biotechnology company is based in Boca Raton, Fla.
| Issuer: | Zero Gravity Solutions Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $7 million
|
| Price: | $1.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00
|
| Agent: | Livingston Securities, LLC
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| Settlement date: | Nov. 19 (for $3 million)
|
| Stock symbol: | OTCBB: ZGSI
|
| Stock price: | $7.00 at close Nov. 18
|
| Market capitalization: | $236.78 million
|
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