DropCar Announces $6,000,000 Private Placement
DROPCAR (DCAR)
US:NASDAQ Investor Relations:
wpcsir.com
Company Research
Source: GlobeNewswire
Financing Will Support Expansion of Consumer and Enterprise BusinessesReinforced Balance Sheet Should Augment DropCar’s Ability to Secure New & Large OEM Deals NEW YORK, March 09, 2018 (GLOBE NEWSWIRE) -- DropCar, Inc. (NASDAQ:DCAR), a provider of app-based automotive logistics and mobility services for consumers and the automotive industry, announced today that it has completed a financing with certain institutional and accredited investors (the “H-4 Investors”) to issue newly designated Series H-4 convertible preferred stock (the “Series H-4 Shares”) and warrants to purchase shares of its common stock in a private placement transaction. The private placement resulted in aggregate gross proceeds to DropCar of approximately $6,000,000. Under the terms of the Securities Purchase Agreement related to the private placement (“SPA”), the Company issued an aggregate of 26,843 Series H-4 Shares and warrants to purchase 2,684,300 shares of common stock of the Company, par value $0.0001
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