Business
InnerScope Hearing Technologies (OTCQB: INND) Signs an Equity Purchase Agreement for up to $10 Million of Stock
InnerScope Hearing Technologies (OTCQB: INND) Signs an Equity Purchase Agreement for up to $10 Million of Stock.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\n ROSEVILLE, Calif., Sept. 17, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- InnerScope Hearing Technologies Inc. (OTCQB: INND) (\"InnerScope\"), a manufacturer and Direct-to-Consumer (\"DTC\") distributor/retailer of FDA-Registered Hearing Aids, Personal Sound Amplifiers Products, (\"Hearing Products\") Hearing Related Treatment Therapies, Doctor-Formulated Dietary Hearing Supplements and proprietary CBD Oil (\"Hearing Health Products\") (collectively \"Hearing Product Portfolio\"), today announced that it has entered into an Equity Purchase Agreement (the \"Equity Agreement\") with Oscaleta Partners LLC (\"Oscaleta\"), that should enable InnerScope to access to capital over the next 2 years to support its current growth plans.  The terms of the Equity Agreement will give InnerScope the right, but NEVER THE OBLIGATION, to sell to Oscaleta up to $10,000,000 worth of InnerScope's registered common stock over an anticipated 2-year period at times and in amounts that InnerScope deems appropriate. Under the terms of the Equity Agreement,*following the effectiveness of a registration statement to be filed with the Securities and Exchange Commission registering for resale by Oscaleta the shares to be sold to Oscaleta pursuant to the Equity Agreement, InnerScope has the right to deliver from time to time put notices to Oscaleta stating the dollar amount of InnerScope shares to be sold to Oscaleta (with no minimum or maximum dollar amount per put notice, but with Oscaleta's obligation to purchase shares limited by Oscaleta's 9.99% ownership cap, and with the aggregate number of shares to be sold (not to exceed the $10,000,000 total dollar commitment amount). The Purchase Price is calculated at eighty-five (85%) percent of the market price per share with a guarantee Floor Price no lower than eighty (80%) percent of the average of the Closing Prices for the five (5) trading days immediately preceding the date of the put notice. The Equity Agreement will hopefully allow InnerScope the ability to buy back most if not all remaining convertible debt and finance its national rollout of 1000+ Hearing Screening Retail Kiosks, including the deployment of its in-store affordable Hearing Product Portfolio to be sold within pharmacy chains and major \"Big Box\" retailers. Given that InnerScope's national rollout has already started with the prev...