Beacon Power (BCON) Amends Stock Purchase Agreement to Accelerate Funding of Up To $14M from Seaside
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Beacon Power Corporation (Nasdaq: BCON) announced that it has amended its existing common stock purchase agreement with Seaside 88, LP, to provide for accelerated funding to Beacon of remaining amounts under its agreement with Seaside, which may be up to $14 million. The agreement calls for Seaside to buy 3 million shares of Beacon common stock per month, in equal semi-monthly transactions of 1.5 million shares, on the 5th and 20th of the month (or the next business day). The original agreement, which was initiated in February 2009 and has provided Beacon with a total of $4 million in funding thus far, required Seaside to buy $1 million of Beacon common stock each month for up to 18 months.
Under the amended agreement, Beacon will sell a fixed number of shares each month, instead of a fixed dollar amount of shares, subject to a maximum investment of $18 million (which includes the $4 million already received from Seaside). At each closing the price for each of the 1.5 million shares of Beacon common stock to be purchased by Seaside will be determined by applying a 14% discount to the ten-day volume weighted average trading price preceding the closing date, with no closing occurring if the calculated purchase price would be less than $0.20 per share. As in the original agreement, there are no warrants associated with the investment under this amendment. All other terms and conditions of the original agreement remain unchanged.
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SEC Investigation ?
FromYahoo MessengerBoard on Jul 26, 2009 10:46 AMHere's a repost of someone's comment in reference to Beacon Power Quote IMO Levine and Seaside 88 continue to work the shorting game as they remain stealth and are not updating with +5% beneficial ownership Sch 13 filings. Levine will not admit being +5% beneficial owner and Seaside has not filed since Feb 09 despite considerable new + mil shs buyings from Beacon treasury. Levine filed only the SCH 13G and not the SCH 13D/A which would require detail of all the share moves by a +5% beneficial owner. Both Seaside and Levine need to be reported to the SEC for being in default of the required SCH 13 filings. End Quote