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News Breaks | | | | September 26, 2012 | | 10:51 EDT |  | TIK | Tel-Instrument gets commitment for up to $500K in funding
Tel Instrument Electronics announced that it has secured an equity purchase commitment for up to $500,000 in total from the CEO, a director and an affiliate to the company to be called upon at the company’s discretion. The stock subscription agreements provide for the sale of up to $500,000 of newly issued restricted shares at a price of $3.60 per share, the closing average price of Tel’s shares following the signing of the individual stock subscription agreements. A total of $300,000 of has been called upon by the company and the company will issue 83,333 shares of restricted stock in exchange for this amount to the three investors with an additional $200,000 of stock available to be issued at the company’s discretion. These stock purchase agreements have an expiration date of December 31, 2012. This financing will be used for general business purposes, the company said. | |
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| May 13, 2013 | | 14:44 EDT | | TIK | Tel-Instrument announces receipt of NYSE non-compliance letter
Tel Instrument Electronics announced that on May 7 it received a letter from the staff of the NYSE indicating that the company was not in compliance with certain continued listing standards of the exchange. The company’s stock will continue to be listed for trading, and on or before June 7, the company will furnish the exchange with a specific plan of how it will return to compliance on or before August 15. | |
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