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ECOtality Raises $8.19 Million in Private Placement - ECOtality, Inc. announced that it has signed a definitive Securities Purchase Agreement (the “Agreement”) to raise approximately $8.19 million in gross proceeds in a private placement of 5,123, 423 shares of Common Stock
ECOtality Raises $8.19 Million in Private Placement

 

PRZOOM - /newswire/ - San Francisco, CA, United States, 2013/06/13 - ECOtality, Inc. announced that it has signed a definitive Securities Purchase Agreement (the “Agreement”) to raise approximately $8.19 million in gross proceeds in a private placement of 5,123, 423 shares of Common Stock. NASDAQ: ECTY

   
 
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ECOtality, Inc., a leader in clean electric transportation, today announced that it has signed a definitive Securities Purchase Agreement (the “Agreement”) to raise approximately $8.19 million in gross proceeds in a private placement of 5,123, 423 shares of Common Stock priced at $1.60 per share to certain institutional investors. Craig-Hallum Capital Group LLC acted as the sole placement agent for the offering. The offering is anticipated to close on or about June 17, 2013, subject to customary closing conditions.

Proceeds from the private placement are expected to be used for general corporate and working capital purposes.

Also pursuant to the Agreement, each Investor will receive a warrant (the “Warrant”) to purchase a number of shares of Common Stock equal to 50% of the total number of shares of Common Stock purchased by such Investor at the closing of this offering. The Warrant will be exercisable for a five-year period beginning six months after the date of issuance. The exercise price of the Warrant will be $2.04.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the SEC registering the resale of the shares of Common Stock.

About ECOtality, Inc.
ECOtality, Inc. (ecotality.com) is a leader in clean, electric transportation technologies. The Company operates three complementary lines of business: Blink, Minit-Charger and eTec Labs. ECOtality offers electric vehicle charging stations under the Blink brand and provides a turnkey network operating system for EV drivers, commercial businesses and utilities. Minit-Charger manufactures and distributes fast-charging systems for material handling and airport ground support vehicles. eTec Labs is a trusted research and testing resource for governments, automotive OEMs and utilities.

Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements.

ECOtality Investor Relations:
Brandi Floberg or Kathy Price
E: ecotality[.]tpg-ir.com - P: 212-481.2050

 
 
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ECOtality Raises $8.19 Million in Private Placement

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Contact: Kim Setliff - Antenna Group for ECOtality 
415-977-1942 kimberly[.]antennagroup.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any ECOtality, Inc. securities in any jurisdiction including any other companies listed or named in this release.

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