SGOCO Group (NASDAQ:SGOC) announced the closing of its previously announced direct offering of $1M ordinary shares and warrants for a per share purchase price of $2.30.
The warrants to purchase ordinary shares are being issued to Investors in amount equal to 75% of the shares purchased by each Investor.
The warrants are exercisable beginning on the date of issuance, and at any time up to four years from the date of issuance.
Each warrant represents the right to purchase one ordinary share at an initial exercise price equal to $2.75 per share.
The Company intends to use the net proceeds from the transaction to fund working capital and other general corporate purposes.
FT Global Capital, Inc., is serving as a placement agent.