CarCharging Completes Capital Raise
October 24, 2016, 8:30 AM EDT
Car Charging Group, Inc. (OTC: CCGI) (“CarCharging”), a leading owner, operator, and provider of electric vehicle (EV) charging services, announced that it has entered into a Securities Purchase Agreement (the “Purchase Agreement”) for total proceeds to CarCharging of $2.5 Million with JMJ Financial, a privately held investment firm that specializes in providing growth and development capital to emerging small cap companies. JMJ Financial has the option of providing up to an additional $1 Million to CarCharging for a potential total raise of $3.5 Million.
The Purchase Agreement consisted of a convertible note with a conversion price of $0.70 plus warrant coverage and the issuance of origination shares of common stock at the maturity date of the note. $500,000 of the funds were disbursed at closing, with the remainder of the funds to be disbursed based upon successful achievement of certain company milestones.
“We are extremely excited to close on this bridge loan with JMJ Financial,” said Michael D. Farkas, CarCharging’s Founder and Executive Chairman. “This financing is one of a few steps that CarCharging must take that will allow the company to file an S-1 with the Securities and Exchange Commission to register a new offering of our securities and work towards achieving a listing on a national stock exchange.”
This press release does not constitute an offer to sell or a solicitation of an offer to buy shares in CarCharging, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.