View all newsletters
Latest in Luxury - Sign up to our newsletter
  1. Travel
  2. Travel News
October 5, 2009updated Feb 08, 2013

Avantair Announces Financial Details

By Pardhasaradhi Gonuguntla

Avantair, Inc. (OTCBB:AAIR), the only publicly traded stand-alone private aircraft operator and the sole North American provider of fractional shares and flight hour time cards in the Piaggio Avanti aircraft, today announced that it closed a tranche of a PIPE (Private Investment in a Public Entity) financing on Friday, September 25th for gross proceeds of approximately $0.6 million. Avantair intends to use the net proceeds from this financing transaction for working capital and general corporate purposes.

Under the terms of the offering, Avantair sold 250,000 Units at $2.50 per Unit to investors. Each Unit consists of two common shares of stock and one warrant to purchase one common share. The warrants have an exercise price of $4.00 per share and are exercisable until June 30, 2012. The sale was consummated under the terms of a securities purchase agreement between Avantair and the investors. Avantair has agreed to register the shares issued to the investors and the shares underlying the warrants issued to the investors for resale under the Securities Act of 1933, as amended. The Company expects to close any additional sales of Units in the offering by October 15, 2009.

www.avantair.com

Topics in this article :
Select and enter your corporate email address Be the first to know about the latest in luxury lifestyle news and travel.
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thank you for subscribing to Elite Traveler.

Websites in our network