Fractional Ownership News
Private Investment Pumps $1.4 Million Into Avantair
It was announced yesterday that fractional plane company Avantair Inc. received about $1.4 million from a private placement of its stock. The company said in a release that it closed an initial tranche of a PIPE (Private Investment in a Public Entity) on June 30. It intends to use the proceeds from the financing for working capital and general corporate purposes.
Under terms of the offering, Avantair sold 567,200 units at $2.50 per unit to investors. Each unit consisted of two common shares of stock and one warrant to purchase one common shared. The warrants have an exercise price of $4 a share and are exercisable until June 30, 2012.
The common stock of Avantair (OTCBB: AAIR) has traded between 41 cents a share and $2.30 a share in the past 52 weeks and closed Wednesday at $1.20 a share.
Avantair’s headquarters are in Clearwater, they specialise in selling fractional ownership of planes.
03/07/2009
