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American Power Group Announces Completion of a $2.2 Million Private Placement With Several Existing Shareholders and Investors Affiliated With Members of Its Board of Directors
American Power Group Announces Completion of a $2.2 Million Private Placement With Several Existing Shareholders and Investors Affiliated With Members of Its Board of Directors.
About this update from American Power Group Corp.
[{"type":"text","content":"\n \n \n American Power Group Announces Completion of a $2.2 Million Private Placement With Several Existing Shareholders and Investors Affiliated With Members of Its Board of Directors\n \n \nAmerican Power Group Announces Completion of a $2.2 Million Private Placement With Several Existing Shareholders and Investors Affiliated With Members of Its Board of Directors\n \n LYNNFIELD, MA--(Marketwired - Jan 12, 2016) - American Power Group Corporation (OTCQB: APGI) today announced the completion of a private placement of $2.2 million of Series D Convertible Preferred Stock with several existing shareholders and investors affiliated with members of its Board of Directors. \n Each of the 22 shares of Series D Preferred Stock had a purchase price of $100,000 and is convertible, at any time at the option of the holder, into 1,000,000 shares of common stock. In addition, we issued five-year warrants to purchase up to 2,000,000 shares of common stock for each share of Series D Preferred Stock purchased, with an exercise price of $0.10 per share. The warrants are subject to certain exercise restrictions, do not contain cashless exercise provisions and do not contain antidilution protections. All of the warrants previously issued to each investor in this financing were amended to provide that the investor may not exercise those warrants until the investor exercises the new warrants for cash. The Series D Preferred Stock has a 10% annual dividend, accruing quarterly and payable when, as and if declared by our Board of Directors, in cash or in shares of common stock at our option. \n The holders of the Series D Preferred Stock will receive certain liquidation preferences over the holders of our other convertible preferred stock and common stock, and have been provided similar preferential treatment with respect to all other shares of convertible preferred stock held by them.\n Further details of the financing are set forth in a current report on Form 8-K, which the Company filed with the Securities and Exchange Commission today. \n Chuck Coppa, American Power Group's CFO stated, \"We cannot be more pleased with the fact that, once again, several large shareholders affiliated with members of our Board of Directors have made substantial investments in APG -- in this case, an additional $2.2 million on top of more than $11 million provided by ...