STOCKHOLM, Aug. 10, 2020 /PRNewswire/ -- Neonode Inc.
(NASDAQ: NEON), today announced the closing of a
previously-announced private placement of $13.9 million of Neonode's common stock and
convertible preferred stock (the "Private Placement").
Pursuant to the terms of the Private Placement, Neonode issued
an aggregate total of 1,611,845 shares of common stock (the "Common
Shares") at a price of $6.50 per
Common Share, and 3,415 shares of convertible preferred stock (the
"Convertible Preferred Shares") with a conversion price of
$6.50 per share and a stated value of
$1,000 per Convertible Preferred
Share.
Ulf Rosberg and Peter Lindell, directors of Neonode (the
"Directors"), and Urban Forssell,
Chief Executive Officer of Neonode, purchased an aggregate of
$3.05 million of the Convertible
Preferred Shares in the Private Placement.
In addition, Neonode issued 1,034 shares of Convertible
Preferred Shares to the Directors to repay $1.03 million of outstanding indebtedness owed to
the Directors under loan agreements dated June 17, 2020.
The Convertible Preferred Shares are convertible into an
aggregate of 684,378 shares of common stock. The Convertible
Preferred Shares will automatically convert into common stock upon
stockholder approval, of which Neonode has agreed to seek at the
earliest possible date. Neonode also will seek stockholder approval
with respect to the issuance of shares to the Directors and the
Chief Executive Officer in accordance with Nasdaq listing
rules.
Craig-Hallum Capital Group LLC acted as exclusive placement
agent in connection with the offering.
Further information regarding the Private Placement can be found
in the Current Report on Form 8-K being filed today by Neonode with
the Securities and Exchange Commission (the "SEC").
The securities sold in the Private Placement have not been
registered under the Securities Act of 1933, as amended, or state
securities laws and may not be offered or sold in the United States absent registration with the
SEC or an applicable exemption from such registration
requirements.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful.
For more information, please contact:
CONTACT:
Investor Relations
David Brunton
E-mail: david.brunton@neonode.com
Chief Financial Officer
Maria Ek
E-mail: maria.ek@neonode.com
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SOURCE Neonode