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Maxim Group leads USD 4.5m Acorn Energy private placement.

M2 EQUITYBITES-November 3, 2014--Maxim Group leads USD 4.5m Acorn Energy private placement


4 November 2014 - US financial services firm Maxim Group LLC said it acted as sole placement agent for Delaware US-based Acorn Energy Inc's (NASDAQ: ACFN) private placement of unregistered shares common stock and warrants to purchase common stock.

Acorn said it has recently-entered definitive agreements with accredited investors in connection with the private placement.

Upon the closing of this financing, Acorn will receive gross proceeds of approximately USD 4.5m resulting from the issuance and sale of 4,285,714 unregistered shares of common stock at a price per share of USD 1.05 and warrants to purchase up to 2,142,857 shares of common stock at an exercise price of USD 1.30 per share.

The warrants are non-exercisable for six months after the closing of the financing and have a term of 5.5 years.

Acorn said that the financing, which is expected to close on or about November 5, 2014, is subject to the satisfaction of certain customary closing conditions contained in the securities purchase agreement.

In connection with this financing, Acorn entered into a registration rights agreement pursuant to which Acorn will file a resale registration statement for the common stock and common stock underlying the warrants within 30 days.

Acorn said it intends to use the aggregate net proceeds of the financing primarily for general corporate and working capital purposes.

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1 USD = .63 GBP

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Publication:M2 EquityBites (EQB)
Date:Nov 3, 2014
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