Neonode issues USD10m of common stock

Neonode Inc. (NASDAQ: NEON) said that it has entered into a definitive purchase agreement with an institutional investor in a private placement of common stock for USD10m in gross proceeds.

Under the agreement, Neonode will issue 2.5 million shares of common stock at a price of USD4.00 per share.

Neonode also will issue to the institutional investor, a warrant to purchase an additional 1,964,636 shares of common stock at an exercise price of USD5.09. The warrant is exercisable for 18 months. If the warrant is fully exercised, Neonode will receive an additional USD10m in gross proceeds.

Ascendiant Capital Markets, LLC acted as placement agent for the transaction.

Neonode develops and licenses the next generation of Multisensing touch technologies, allowing companies to differentiate themselves by making high performing touch solutions at a competitive cost. For more information visit www.neonode.com.

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