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Pudong Private Placement | 3 Months Ended
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Sep. 30, 2014
Pudong Private Placement |
Pudong Private Placement | 11. Pudong Private Placement On April 15, 2014, the Company executed a Securities Purchase Agreement with Pudong Science & Technology (Cayman) Co., Ltd. (“Pudong”), with respect to a private placement (the “Offering”) of the Company’s Class A common stock. The Securities Purchase Agreement was subsequently amended, (as amended the “SPA”) and assigned by Pudong to an affiliate, Pudong Science & Technology Investment (Cayman) Co. Ltd. (“Pudong Investment”). Under the SPA, the Company will sell to Pudong Investment a number of shares to be determined that will result in Pudong and Pudong Investment beneficially owning an aggregate 14.9% of the Company’s outstanding shares of common stock immediately after issuance of the shares of the common stock. Currently, Pudong Investment is the beneficial owner of 9.4% of the Company’s outstanding shares of common stock. The initial per share purchase price is $1.62, subject to adjustment at the closing of the sale pursuant to the terms of the SPA. As adjusted, the final per share purchase price may be higher or lower than the initial per share purchase price, but in no event shall the per share purchase price be less than $1.40. The closing of the sale will occur upon satisfaction of certain closing conditions, including receipt of certain governmental approvals.

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- Definition The entire disclosure for private placement. + References No definition available. + Details
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