Key Developments For Converted Organics Inc.
Converted Organics Inc. (COIN.O) (Consolidated Issue listed on NASDAQ Capital Market)
Converted Organics Inc. Settles Claim With Armistead Mechanical, Inc.
Converted Organics Inc. announced that it has come to a settlement agreement with construction vendor Armistead Mechanical, Inc. (Armistead). The settlement agreement with Armistead is the final of five settlement agreements reached over the past several months with construction vendors that had filed construction lien claims against Converted Organics related to the construction of the Company's facility in Woodbridge, New Jersey. According to terms of the settlement agreement, the construction lien claim and related lawsuit filed by Armistead against Converted Organics will be suspended during the 18 month payment period and will be rescinded completely upon final payment by May 1, 2011.
Converted Organics Inc. Announces Tactical Relationship With IESI-BFC Ltd.'s IESI
Converted Organics Inc. announced that it and waste management firm IESI, a division of IESI-BFC Ltd. have begun to work together in the collection, processing and conversion of food waste from IESI clients, including Hearst Corporation, Google, Chipotle Mexican Grill, and Just Food.
Converted Organics Inc. Announces Closing of Public Offering, Including Exercise of Over Allotment Option
Converted Organics Inc. announced that it has closed its public offering of 17,250,000 units, including 2,250,000 units reflecting the exercise in full of the underwriters` over-allotment option, at a price per unit of $1.06 to the public. Each unit consists of one share of common stock and one newly created Class H warrant, with each Class H warrant exercisable for one share of common stock at an exercise price of $1.30 per share. The warrants will expire on October 14, 2014. The approximately $16.4 million of net proceeds to the Company, after deducting the underwriting discounts and commissions and other estimated offering expenses, will be used for further development and execution of the Company's sales and marketing plan, strategic growth initiatives, other general corporate purposes, and to repay the six-month note the Company issued in September 2009 in the principal amount of $1,540,000. The sole bookrunning manager of the offering is Chardan Capital Markets, LLC.
Converted Organics Inc. Announces Underwriters` Exercise of Over-Allotment Option
Converted Organics Inc. announced that the underwriters of its recent public offering of 15,000,000 units at a public offering price of $1.06 per share, have exercised the over-allotment option in full to purchase an additional 2,250,000 units. After giving effect to the exercise of the over-allotment option, the aggregate gross proceeds to Converted Organics from the offering will be approximately $18.3 million. Each unit consists of one share of common stock, and one newly created Class H warrant, with each Class H warrant exercisable for one share of common stock at an exercise price of $1.30 per share. The warrants will expire on October 14, 2014. The units are listed on the NASDAQ Capital Market under the symbol COINU and the Class H warrants are expected to be listed on the NASDAQ Capital Market under the symbol COINW, at such time as the warrants are detached from the units. The offering, including the over-allotment, is expected to close on or about October 20, 2009, subject to customary closing conditions. The sole bookrunning manager of the offering is Chardan Capital Markets, LLC.
Converted Organics Inc. Announces Pricing of Offering
Converted Organics Inc. announced the pricing of 15,000,000 units at $1.06 per unit in a public offering for gross proceeds of $15,900,000.00. In addition, the underwriters have a 45 day option to purchase up to 2,250,000 additional units to cover over-allotments, if any. Each unit consists of one share of common stock, and one newly created Class H warrant, with each Class H warrant exercisable for one share of common stock at an exercise price of $1.30 per share. The warrants will expire on October 14, 2014. The units are listed on the NASDAQ Capital Market under the symbol COINU and the Class H warrants are expected to be listed on the NASDAQ Capital Market under the symbol COINW, at such time as the warrant is detached from the unit. The offering is expected to close on or about October 20, 2009. The sole bookrunning manager of the offering is Chardan Capital Markets, LLC.
