CHESTNUT RIDGE, N.Y.,
March 19, 2020 /PRNewswire/
-- BioHiTech Global, Inc. ("BioHiTech" or the "Company")
(NASDAQ: BHTG), a technology and services company that provides
cost-effective and sustainable waste management solutions, today
announced the Company entered into a series of Securities Purchase
Agreements with certain accredited investors, including two members
of the Company's Board of Directors (the "Investors"), for the sale
of an aggregate of $1.5 million units
(the "Units") consisting of a newly created Series F Redeemable
Preferred stock (the "Series F Shares") and warrants to purchase
Common Stock (the "Warrants").
The Series F Shares have a Stated Value of $115 per share and are convertible into shares of
Common Stock at a fixed conversion price of $2.10 per share subject to certain customary
anti-dilution adjustments (the "Conversion Price"). The Series F
Shares are redeemable by the Company twenty-four (24) months after
issuance for cash or Common Stock under certain conditions.
As part of the financing, the Company issued to the Investors a
total of 178,597 Warrants to purchase Common Stock at $2.30 per share. For a complete description
of the transaction, please refer to our related 8-K filing with the
SEC.
"The completion of this equity infusion helps position BioHiTech
to gear up production of its Revolution Series Digesters to fulfill
its current book of orders," said Frank E.
Celli, BioHiTech's Chief Executive Officer. "I want to
personally thank this group of investors for their strong backing
of our vision to change the environmental impact of the disposal
industry, especially during these turbulent economic times.
Our goal was to obtain the necessary capital to fuel our growth
while preserving shareholder equity and I believe this financing
helps accomplish that goal. We look forward to continuing to
deploy our cost-effective technologies and working to build
long-term value for our shareholders."
About BioHiTech Global
BioHiTech Global, Inc. (NASDAQ:
BHTG), is changing the way we think about managing waste. Our
cost-effective technology solutions include the patented processing
of municipal solid waste into a valuable renewable fuel, biological
disposal of food waste on-site, and proprietary real-time data
analytics tools to reduce food waste generation. Our unique
solutions enable businesses and municipalities of all sizes to
lower disposal costs while having a positive impact on the
environment. When used individually or in combination, our
solutions lower the carbon footprint associated with waste
transportation and can reduce or virtually eliminate landfill
usage. For more information, please
visit www.biohitech.com.
Forward Looking Statements
Statements in this document
contain certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements,
including statements about our orders, future business growth, or
shareholder value, are based on many assumptions and estimates and
are not guarantees of future performance. These statements may
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
BioHiTech Global, Inc. to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. BioHiTech Global, Inc. assumes no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future. Our actual results may differ materially
from the results anticipated in these forward-looking statements
due to a variety of factors, including, without limitation those
set forth as "Risk Factors" in our filings with the Securities and
Exchange Commission ("SEC"). There may be other factors not
mentioned above or included in the BioHiTech's SEC filings that may
cause actual results to differ materially from those projected in
any forward-looking statement. BioHiTech Global, Inc. assumes no
obligation to update any forward-looking statements as a result of
new information, future events or developments, except as required
by securities laws.
Company Contact:
BioHiTech Global, Inc.
Richard Galterio
Executive Vice President
Direct: 845.367.0603
rgalterio@biohitech.com
www.biohitech.com
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SOURCE BioHiTech Global, Inc.