Business
Ecoark Announces $20 Million Registered Direct Offering Priced at a Premium to Market
Ecoark Announces $20 Million Registered Direct Offering Priced at a Premium to Market.
About this update from Riskon International, Inc.
[{"type":"text","content":"\n SAN ANTONIO, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Ecoark Holdings, Inc. (“Ecoark) (NASDAQ: ZEST), today announced that it has entered into definitive agreements with several institutional investors for the issuance and sale of an aggregate of 3,478,261 shares of its common stock and warrants to purchase up to an aggregate of 3,478,261 shares of its common stock at a purchase price of $5.75 per share of common stock and related warrant in a registered direct offering priced at-the-market under Nasdaq rules. The warrants have an exercise price of $5.75 per share, will become exercisable upon the Company increasing its authorized capital stock to 40 million shares, and will expire three and half (3.5) years following the date the warrants first become exercisable. The closing of the offering is expected to occur on or about August 6, 2021, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds from the offering are expected to be approximately $20 million before deducting placement agent fees and other offering expenses. The Company currently intends to use the net proceeds from the offering for growth capital, working capital, and general corporate purposes. The securities described above are being offered and sold by Ecoark in a registered direct offering pursuant to a “shelf” registration statement on Form S-3 (Registration No. 333--249532), including a base prospectus previously filed with the Securities and Exchange Commission (the “SEC”) on October 16, 2020 and became effective on December 29, 2020. The offering of such securities will be made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and base prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement and the accompanying base prospectus may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at [email protected]. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor sh...