Summary by Moomoo AI
Heramba Electric has entered into a subscription agreement on October 3, 2024, to sell 596,970 ordinary shares at $1.65 per share, raising $985,000. The purchase price represents a 5% discount to the 10-day VWAP as of October 2. The closing of 506,060 shares occurred on October 4, with the remaining 90,910 shares expected to close by November 3, 2024.The private investor has been granted a 90-day option to purchase up to an additional $1 million in ordinary shares in increments of $250,000 or less. The option price is set at $2.00 per share or, subject to company consent, 80% of the 10-day VWAP prior to purchase notice.The company has agreed to register the shares for resale. If registration is not effective within 120 days of the first closing, the company will pay monthly liquidated damages equal to 2% of the aggregate purchase price, payable in cash or shares at the investor's discretion, with 18% annual interest on late payments.
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