Neonode Announces Closing of $4.7 Million Private Placement

Date Announced: 01 Jan 2019

Directors of optical interactive sensing technology firm in Sweden contribute around $2 million.

STOCKHOLM, Dec. 31, 2018 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), the optical interactive sensing technology company, today announced the closing of  its previously-announced private placement of $4.7 million of Neonode common stock.

Pursuant to the terms of the non-brokered private placement, Neonode sold 2.9 million shares of newly issued common stock at a price of $1.60 per share pursuant to the share purchase agreement.

The purchasers in the private placement included Neonode directors, Ulf Rosberg and Andreas Bunge, and members of management, including Chief Executive Officer Hakan Persson and Chief Financial Officer Lars Lindqvist. The Neonode directors and members of management individually purchased an aggregate of approximately $2 million of common stock as part of the private placement.  In addition, existing major shareholder Peter Lindell also purchased shares.  Mr. Lindell and Mr. Rosberg each now are a beneficial owner of approximately 19% of Neonode common stock as a result of the private placement.

The proceeds from the private placement are anticipated to be used for general corporate purposes including business development.

Source: Neonode

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