EFCX the latest low float pump and dump has run up from less than $2.00 to a high of $21. Most of this is from the FUEL CELL hype (mainly PLUG).
EFXC is not fuel cell technology, they are proto typing and trying to sell disposable cell phone batteries..... They currently have a manual assembly line.
EFCX had a private placement in Dec 99:
sec.gov
Item 5. Other Events
Pursuant to a Securities Purchase Agreement dated December 28, 1999, by and
between Electric Fuel and a group of private investors, including Mr. Leon S.
Gross, a director of Electric Fuel and one of our existing shareholders, and
subject to certain conditions and limitations contained in the Agreement, we
issued 1,425,000 shares of our Common Stock, $.01 par value per share, at a
price of $2.00 per share, for a total purchase price of $2,850,000. We also
issued warrants to purchase an additional 1,425,000 shares of our Common Stock
to the purchasers. Of these, warrants to purchase 950,000 shares of Common
Stock have an exercise price of $1.25 per share and are exercisable for a period
of 6 months, and warrants to purchase 475,000 shares possess an exercise price
of $4.50 per share and are exercisable for a period of one year. The shares and
warrants were issued in a private placement under the Securities Act of 1933, as
amended, in reliance on the exemption therefrom provided by Section 4 (2) of the
Securities Act. We will use the $2,707,500 in net proceeds of this offering for
marketing and sales and commencement of initial automated production, as well as
for the of broadening our product line and other general corporate purposes.
As a result of the private placement and after giving effect to exercise in
full of the warrants, Mr. Gross beneficially owns a total of 4,276,004 shares of
Common Stock, or 26.6% of our outstanding shares. Following the private
placement, Electric Fuel has 17,153,387 shares of Common Stock outstanding
(giving effect to conversion of all the warrants), compared to 14,303,387 shares
before the offering. The average closing price on the Nasdaq National Market for
Electric Fuel Common Stock for the 20 days preceding the date of the purchase
agreement was $1.676 per share.
As expected they now are coming to market:
marketwatch.newsalert.com
We can provide no assurance as to the number of shares that will be held by
each of the selling stockholders after this offering because each of the selling
stockholders may offer all or some part of the shares which he or she holds
pursuant to the offering contemplated by this prospectus, and because this
offering is not underwritten on a firm commitment basis.
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