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Saturday, April 21, 2007 11:15:15 AM
VLNC - Valence Technology Inc - Volume spike on Friday on this lithium ion battery Nasdaq stock trading near its 52 week low. May be something to radar for a pop. Director Carl Berg has been buying FWIW: http://www.secform4.com/insider-trading/885551.htm
Shares Outstanding: 104.35M
Float: 47.53M
Latest 8K:
20-Apr-2007
Unregistered Sale of Equity Securities
ITEM 3.02 Unregistered Sale of Equity Securities.
On April 19, 2007, Valence Technology, Inc. sold $1.0 million of its common stock to West Coast Venture Capital, Inc., an affiliate of Carl E. Berg our chairman of the board. The proceeds will be used to fund corporate operating needs and working capital. Under the terms of the agreement, we issued 925,926 shares of our common stock, par value $0.001 per share, in a private placement transaction exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(2) thereof. West Coast Venture Capital purchased these shares at $1.08 per share. The purchase price per share equaled the closing bid price of our common stock as of April 18, 2007. Under Rule 144 of the Securities Act, these shares are restricted from being traded by West Coast Venture Capital for a period of one year from the date of issuance, unless registered, and thereafter may be traded only in compliance with the volume restrictions imposed by this rule and other applicable restrictions. The summary of the terms of the purchase is qualified in its entirety by the text of the letter agreement, a copy of which is attached to this Form 8-K as Exhibit 10.1.
Shares Outstanding: 104.35M
Float: 47.53M
Latest 8K:
20-Apr-2007
Unregistered Sale of Equity Securities
ITEM 3.02 Unregistered Sale of Equity Securities.
On April 19, 2007, Valence Technology, Inc. sold $1.0 million of its common stock to West Coast Venture Capital, Inc., an affiliate of Carl E. Berg our chairman of the board. The proceeds will be used to fund corporate operating needs and working capital. Under the terms of the agreement, we issued 925,926 shares of our common stock, par value $0.001 per share, in a private placement transaction exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(2) thereof. West Coast Venture Capital purchased these shares at $1.08 per share. The purchase price per share equaled the closing bid price of our common stock as of April 18, 2007. Under Rule 144 of the Securities Act, these shares are restricted from being traded by West Coast Venture Capital for a period of one year from the date of issuance, unless registered, and thereafter may be traded only in compliance with the volume restrictions imposed by this rule and other applicable restrictions. The summary of the terms of the purchase is qualified in its entirety by the text of the letter agreement, a copy of which is attached to this Form 8-K as Exhibit 10.1.
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