Deal sells units of one common share and one warrant via Livingston
By Devika Patel
Knoxville, Tenn., May 24 – Zero Gravity Solutions Inc. said it settled a $6.26 million private placement of units. Livingston Securities, LLC was the agent for the deal, which raised $3 million on Nov. 19.
The company sold 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 capital raise has allowed the company to expand its field staff, including certified crop advisors, agronomists and qualified sales and marketing personnel to accelerate sales and customer support as we rollout BAM-FX to both domestic and international agricultural markets. We have also enhanced our production facility capabilities to service the growing needs of our now expanding customer base,” president and chief executive officer Glenn Stinebaugh said in a press release.
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: | $6.26 million
|
| Price: | $1.25
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| 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
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| Stock price: | $7.00 at close Nov. 18
|
| Market capitalization: | $251.29 million
|
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