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Today's hot alert includes :- ECOtality, Inc. (ETLY) -
Last update: 11/4/2009 8:00:14 AM
ECOtality Signs Definitive Agreements for $15.5 Million Capital Raise
ECOtality, Inc. (ETLY), a leader in clean electric transportation and storage technologies, today announced it has entered into definitive agreements with institutional investors, including existing shareholders, for a capital investment of approximately $15.5 million in equity financing. In addition to the capital raise, the debenture holders of ECOtality will convert all $9.1 million of existing debentures and related warrants into equity.
The net proceeds of the investment funds will be utilized as working capital to support the initial requirements of the $99.8 million award from the Department of Energy and will provide the Company with the necessary financial capabilities to meet its anticipated expansion as a leader in electric vehicle (EV) charging infrastructure.
"This investment reflects a strong confidence in the Company by new and current investors and significantly strengthens our financial position as we seek to increase shareholder value through strong bottom line growth," said Jonathan Read, president and CEO, ECOtality. "The financing provides an adequate level of working capital to support the initial requirements of our recent $99.8 million government award, which undertakes the largest deployment of electric vehicles (EVs) and charging infrastructure in history. With this capital we are able to better leverage our unparalleled EV infrastructure experience and superior charging technologies to become the immediate international leader in EV infrastructure." The capital raise coincides with ECOtality's recent award of $99.8 million from the U.S. Department of Energy that was supplemented by an additional commitment of $8 million from the California Energy Commission for the largest deployment of EVs and charging infrastructure ever undertaken in The EV Project (). In partnership with Nissan and over 40 different industry partners, ECOtality's subsidiary eTec is project manager for The EV Project which will deploy 10,950 Level 2 (220V) charging systems, 260 Level 3 fast-chargers and 4,700 Nissan LEAF zero-emission electric vehicles in five states.
Concurrent with the transaction, ECOtality will provide the required notice to the Financial Industry Regulatory Authority (FINRA) to enact a 1:60 reverse stock split that was approved by shareholders at the August 26, 2009 Annual Shareholder Meeting. In addition, the Board authorized Company management to submit an application to be listed on The NASDAQ Stock Market after completing the reverse stock split. There can be no assurance that the company can meet the listing requirements of the NASDAQ Stock market.
The shares offered will not be or have not been registered under the Securities Act of 1933 and may not be offered or sold absent registration or an applicable exemption from registration. The Company may at its option expand this Private Placement.
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