Farmmi, Inc. (NASDAQ CM:FAMI) changed 2.82% to recent value of $5.46. The stock transacted 136006 shares during most recent day however it has an average volume of 354.05K shares. It spotted trading -47.11% off 52-week high price. On the other end, the stock has been noted 103.73% away from the low price over the last 52-weeks.
Farmmi, Inc. (NASDAQ CM:FAMI) reported the completion of a $7.5 million private placement to one institutional investor on November 1, 2018. FT Global Capital, Inc. acted as the exclusive placement agent for the transaction.
The securities sold by the Company in the private placement consisted of (a) senior convertible notes with an aggregate principal amount of $7,500,000 (the “Notes”) which are initially convertible into an aggregate of 1,198,084 of the Company’s ordinary shares (“Ordinary Shares”) at the rate of $6.26 per share (“Conversion Price”) and (b) warrants to purchase an aggregate of 800,000 Ordinary Shares at an exercise price of $6.53 per share (the “Warrants”). The Notes mature in seventeen months and carry an interest rate of 10% per year.
The Warrants are exercisable by the holder thereof at any time on or after November 1, 2018 and before November 1, 2022. One year from the date of issuance of the Warrants, the Exercise Price of the Warrants will be lowered to the then-current Market Price (as such term is defined in the Notes) of an Ordinary Share, if such Market Price is less than the initial Exercise Price of $6.53 per Ordinary Share.
The Company has agreed to register for resale the Ordinary Shares underlying the Notes and the Warrants with the Securities and Exchange Commission (the “Registration”).
For a more complete description of the private placement offering, please see the Company’s Current Report on Form 6-K to be filed with the Securities and Exchange Commission (“SEC”).
The Company intends to use the net proceeds of the private placement for working capital and general corporate purposes including, but not limited to, possible strategic acquisitions.
The company has 11.93M of outstanding shares and 1.93M shares were floated in the market. The price moved ahead of 0.64% from the mean of 20 days, 10.69% from mean of 50 days SMA and performed -11.79% from mean of 200 days price. Company’s performance for the week was -1.09%, -2.67% for month and YTD performance remained -11.65%.