BioHiTech Global, Inc. (NASDAQ: BHTG), a technology and services company that provides cost-effective and sustainable waste management solutions, today announced the Company entered into a series of Securities Purchase Agreements with certain accredited investors, including two members of the Company's Board of Directors, for the sale of an aggregate of $1.5 million units consisting of a newly created Series F Redeemable Preferred stock and warrants to purchase Common Stock.
The Series F Shares have a Stated Value of $115 per share and are convertible into shares of Common Stock at a fixed conversion price of $2.10 per share subject to certain customary anti-dilution adjustments (the "Conversion Price"). The Series F Shares are redeemable by the Company twenty-four (24) months after issuance for cash or Common Stock under certain conditions. As part of the financing, the Company issued to the Investors a total of 178,597 Warrants to purchase Common Stock at $2.30 per share. For a complete description of the transaction, please refer to our related 8-K filing with the SEC.
"The completion of this equity infusion helps position BioHiTech to gear up production of its Revolution Series Digesters to fulfill its current book of orders," said Frank E. Celli, BioHiTech's Chief Executive Officer. "I want to personally thank this group of investors for their strong backing of our vision to change the environmental impact of the disposal industry, especially during these turbulent economic times. Our goal was to obtain the necessary capital to fuel our growth while preserving shareholder equity and I believe this financing helps accomplish that goal. We look forward to continuing to deploy our cost-effective technologies and working to build long-term value for our shareholders."
About BioHiTech Global
BioHiTech Global, Inc. (NASDAQ: BHTG), is changing the way we think about managing waste. Our cost-effective technology solutions include the patented processing of municipal solid waste into a valuable renewable fuel, biological disposal of food waste on-site, and proprietary real-time data analytics tools to reduce food waste generation. Our unique solutions enable businesses and municipalities of all sizes to lower disposal costs while having a positive impact on the environment. When used individually or in combination, our solutions lower the carbon footprint associated with waste transportation and can reduce or virtually eliminate landfill usage. For more information, please visit www.biohitech.com.
