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Thursday, June 30, 2016 12:14:32 PM
On 3/17/11, USAT did a private placement and the company issued warrants to purchase up to 3,900,000 shares of commmon stock, exercisable at $2.6058 per share. Additionally, USAT issued the placement agent in this offering warrants to purchase 364,000 shares of common stock at $2.6058 per share. The 4,264,000 warrants are exercisable through 9/18/16. None of the warrants had been exercised by 6/30/15.
However, things have changed.
At 3/31/16, there were 3,687,878 warrants outstanding.
Subsequent to 3/31/16, two holders exercised warrants at $2.6058 per share for 189,100 shares. On 5/06/16, warrants were exercised by two holders at $2.6058 per share for a total of 953,125 shares.
USAT received $2,976,410 in proceeds.
At 5/06/16, there are 2,476,675 warrants unexercised.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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