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Stock impact report

JFB Construction Holdings Announces Approximately $44 Million Private Placement Priced At The Market Under Nasdaq Rules [Yahoo! Finance]

JFB Construction Holdings - Class A (JFB) 
Company Research Source: Yahoo! Finance
real estate development and construction company focused on hospitality, commercial, industrial, and residential property development, today announced that it has entered into a securities purchase agreement with American Ventures LLC, Series XIV JFB as the sole investor for a private investment in public equity (“PIPE”) financing that is expected to result in gross proceeds to the Company of approximately $ 43,895,000 , before deducting placement agent fees and offering expenses. The Company intends to use $12 million of the net proceeds from the offering to retire the Company's Class B Common Stock, par value $0.0001, owned by Joseph F. Basile III, the Company's Chief Executive Officer, pursuant to a Share Redemption Agreement, and the remainder of the proceeds shall be used for general corporate operating expenses. Pursuant to the terms of the securities purchase agreement, the Company is selling an aggregate of 4,389,500 shares of its Series C Convertible Preferred Stock, par Show less Read more
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