Coda Octapus raises $13 million
Securing ports and coastal waters has become a priority, and a specialist in underwater surveillance technology gets the nod from investors
Good news for an underwater surveillance specialist with a name that could have been lifted from a James Bond movie: St. Petersburg, Florida-based Coda Octopus Group (PINKSHEETS: CDOC), a specialist in underwater port security technology. The company entered into definitive agreements which would yield $13,255,000 in a private placement for the sale and purchase of 13,255,000 units priced at $1.00 per unit to several institutional and individual investors. Each unit consists of one share of common stock, one half warrant exercisable at $1.30 per share, and one half warrant exercisable at $1.70 per share. Bedminster, New Jersey-based T. R. Winston & Company acted as the placement agent. Coda Octopus will register the newly issued shares of common stock and those underlying the Warrant Shares in accordance with SEC regulations.
Net proceeds from the private placement will be used for working capital and $1,999,910 for the redemption of 18,181 units of London-based Vision Capital’s (Vision) Series B Preferred Stock at a price of $110 per share. Vision has already converted 26,000 Series B Preferred Stock into 2,600,000 shares of Coda Octapus’s common stock. Vision has also agreed to lock up of all of its holdings in Coda for a period of twelve months.
Coda Octopus was founded in Edinburgh, Scotland, in 1994. It specializes in develoing technolgies for underwater imaging, mapping, defense, and survey applications. Among the more famous of the company’s products is its Coda Echoscope, the industry’s first real-time 3D sub-sea sonar. The Echoscope is the core of the company’s Octopus Underwater Inspection System which is favored by many homeland security authorities and ports around the world.
