AWM Investment Company Acquires Additional Shares of Xebec Adsorption Inc. in Open Market Transactions
NEW YORK, March 28, 2012 /PRNewswire via COMTEX/ -- AWM Investment Company, Inc. ("AWM") announced today that three funds advised by it have acquired additional shares ("Shares") of Xebec Adsorption Inc. ("Xebec") in open market transactions.
The three funds (the "Funds") are the Special Situations Fund III QP, L.P., the Special Situations Private Equity Fund, L.P., and the Special Situations Cayman Fund, L.P.
On March 26, 2012, 42,000 Shares of Xebec at a price of CDN $0.15 per share were purchased by the Funds. The Special Situations Fund III QP, L.P. purchased 29,367 Shares, the Special Situations Private Equity Fund, L.P. purchased 3,419 Shares, and the Special Situations Cayman Fund, L.P. purchased 9,214 Shares. On March 27, 2012, 1,138,500 Shares of Xebec were purchased at a price of CDN $0.1698 by the Funds. The Special Situations Fund III QP, L.P. purchased 853,500 Shares, and the Special Situations Cayman Fund, L.P. purchased 285,000 Shares. The above purchases represent approximately 3.0% of the outstanding shares.
Following this purchase, the Funds own 11,828,603 Shares of Xebec, and warrants to purchase 2,500,000 Shares, representing approximately 34.2% of the outstanding Shares assuming the exercise of all warrants held by the Funds. The Special Situations Fund III QP, L.P. holds 8,328,232 Shares and warrants to purchase 1,750,000 Shares, the Special Situations Private Equity Fund, L.P. holds 870,085 Shares and warrants to purchase 200,000 Shares, and the Special Situations Cayman Fund, L.P. holds 2,630,286 Shares and warrants to purchase 550,000 Shares. The Funds own the securities, and AWM controls such securities.
AWM holds the Shares on behalf of the Funds for investment purposes. AWM and/or the Funds may purchase additional Shares and/or warrants and/or other securities, or dispose of Shares and/or warrants and/or other securities, of Xebec from time to time as circumstances warrant. AWM and the Funds may be considered to act jointly or in concert.
