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Airborne Wireless Network Announces Pricing of $8,000,000 Public Offering of Convertible Preferred Stock and Warrants
Airborne Wireless Network Announces Pricing of $8,000,000 Public Offering of Convertible Preferred Stock and Warrants.
About this update from Airborne Wireless Network
[{"type":"text","content":"\n\n\n\nAirborne Wireless Network Announces Pricing of $8,000,000 Public Offering of Convertible Preferred Stock and Warrants\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAirborne Wireless Network Announces Pricing of $8,000,000 Public Offering of Convertible Preferred Stock and Warrants\nPR Newswire\nSIMI VALLEY, Calif., May 24, 2018\n\n\n\nSIMI VALLEY, Calif., May 24, 2018 /PRNewswire/ -- Airborne Wireless Network (\"Airborne Wireless\") (OTCQB: ABWN) today announced the pricing of an underwritten public offering (\"Offering\") of 8,000 units consisting of one share of Series A Convertible Preferred Stock (\"Preferred Stock\") and related warrants (\"Warrants\") to purchase up to 24,000 shares of Preferred Stock, at a public offering price of $1,000 per unit, for gross proceeds of $8 million, excluding the proceeds, if any, from the exercise of the Warrants.\n\n\n \n \n\n \nEach share of Preferred Stock is being sold together with (i) one Series 1 Warrant to purchase one share of Preferred Stock, (ii) one Series 2 Warrant to purchase one share of Preferred Stock, and (iii) one Series 3 Warrant to purchase one share of Preferred Stock. The Preferred Stock has an initial stated value of $1,150 and is convertible into shares of the Company's common stock at a conversion price equal to the lesser of (a) $0.71, subject to certain adjustments, or (b) 82.5% of the lowest volume weighted average price of the Company's Common Stock during the five trading days ending on, and including, the date of the notice of conversion. For the first 15 calendar days following the filing of the certificate of designations for the Preferred Stock, the conversion price is subject to a floor of $0.25 per share, except in the event of anti-dilution adjustments. Each Warrant will have an initial exercise price of $1,000 per share of Preferred Stock. The Series 1 Warrants, Series 2 Warrants and Series 3 Warrants will be immediately exercisable and will expire on the three-month, six-month, and twelve-month anniversary of the original issuance date, respectively.\n...