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Investing.com -- JFB Construction Holdings (NASDAQ:JFB) stock surged over 50% in after-hours trading on Friday following the announcement of a private investment deal expected to bring in approximately $43.9 million in gross proceeds.
The real estate development and construction company has entered into a securities purchase agreement with American Ventures LLC, Series XIV JFB as the sole investor for a private investment in public equity (PIPE) financing. JFB plans to use $12 million of the net proceeds to retire Class B Common Stock owned by CEO Joseph F. Basile III, with the remainder allocated for general corporate operating expenses.
Under the agreement, JFB is selling 4,389,500 shares of Series C Convertible Preferred Stock at a stated value of $10 per share, convertible into 8,068,933 shares of common stock at a conversion price of $5.44 per share. The deal also includes two sets of warrants: 8,068,933 Common Warrants A exercisable at $5.75 per share and 8,068,933 Common Warrants B exercisable at $6.25 per share. Both warrant sets expire three years from issuance.
Dominari Securities LLC served as the exclusive placement agent for the financing. The securities being sold have not been registered under the Securities Act of 1933 and were offered only to accredited investors. JFB has agreed to file registration statements with the SEC covering the resale of shares issuable upon conversion of the preferred stock and exercise of the warrants.
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