ORBCOMM Inc. (NASDAQ:ORBC) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02.
On June 15, 2017, ORBCOMM Inc. (the “Company”) issued and sold to Inthinc Holdings, LLC (“Purchaser”), 1,552,795 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (“Common Stock”) at a purchase price of $9.66 per share, for an aggregate purchase price of $15,000,000.
The per share price of $9.66 was calculated as 95% of the volume-weighted average trading price of Common Stock on the Nasdaq Stock Market, LLC for the thirty (30) trading days ending on June 14, 2017, the day immediately prior to the closing of the sale of the Shares to Purchaser.
The sale of the Shares to Purchaser is exempt from registration under the Securities Act of 1933 to Section 4(2) thereof.
About ORBCOMM Inc. (NASDAQ:ORBC)
ORBCOMM Inc. is a provider of machine-to-machine (M2M) solutions, including network connectivity, devices and Web reporting applications. The Company’s M2M products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, intermodal containers, generators, fluid tanks, marine vessels, diesel or electric powered generators (gensets), oil and gas wells, pipeline monitoring equipment, irrigation control systems, and utility meters, in the transportation and distribution, heavy equipment, oil and gas, maritime and government industries. It provides Automatic Identification System (AIS) data services to assist in vessel navigation and to improve maritime safety to government and commercial customers across the world. The Company provides its services using various network platforms, including its own constellation of approximately 40 low-Earth orbit (LEO) satellites and its accompanying ground infrastructure.
