Business
BioHiTech Enters into Agreement to Sell up to $1.7 Million of Series A Preferred Stock Convertible into Common Stock at a Fixed Price of $5 Per Share
BioHiTech Enters into Agreement to Sell up to $1.7 Million of Series A Preferred Stock Convertible into Common Stock at a Fixed Price of $5 Per Share.
About this update from Renovare Environmental, Inc.
[{"type":"text","content":"\n\n\n\nBioHiTech Enters into Agreement to Sell up to $1.7 Million of Series A Preferred Stock Convertible into Common Stock at a Fixed Price of $5 Per Share\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\nBioHiTech Enters into Agreement to Sell up to $1.7 Million of Series A Preferred Stock Convertible into Common Stock at a Fixed Price of $5 Per Share\nPR Newswire\nCHESTNUT RIDGE, N.Y., Nov. 6, 2017\n\n\n\nCHESTNUT RIDGE, N.Y., Nov. 6, 2017 /PRNewswire/ -- BioHiTech Global, Inc. (\"BioHiTech\" or the \"Company\") (OTCQB: BHTG), a green technology company that develops and deploys innovative and disruptive waste management technologies, today announced that it has entered into a Securities Purchase Agreement (the \"Agreement\") with a single, accredited investor (the \"Investor\"), to sell an aggregate of 333,401 shares of newly created Series A Preferred Stock convertible into the Company's common stock at a fixed price of $5 per share (the \"Series A Shares\"), and warrants to purchase 333,401 common stock at $5 per share for an aggregate investment of up to $1,667,000. \n\n\n \n \n\n \nUnder the terms of the Agreement, the Investor purchased 133,334 shares of Series A Shares from the Company and received Warrants to purchase an additional 133,334 shares of Common Stock for a purchase price of $666,670 at a first closing that took place on October 31, 2017. The Company received net proceeds of $600,000 after giving effect to an original issue discount of 10%. BioHiTech has the option, at its sole discretion, to sell an additional $1 million of Series A Preferred Stock under the same terms 30 days after the first closing. A more detailed description of the transaction can be found in the Company's Form-8K filing with the SEC on November 3, 2017.\n\nFrank E. Celli, CEO of BioHiTech, commented, \"We are pleased to have completed this important equity financing that will help us to fuel the growth of our business while further improving our balance sheet.  We continue to work diligently to build our growing recurring digester revenue base, forward the planned rollout...