Sense Technologies says it has received subscription agreements from two undisclosed investment companies for $4 million of common stock at $2 per share and will request a review of the Nasdaq’s decision to delist the company from its SmallCap Market.
Funding of the investments is contingent upon one representative from each of the two investment companies being added to the board and ratified by the shareholders at Sense Technologies’ annual meeting, the company says. Management expects to hold the annual meeting in mid July and close shortly thereafter.
Additionally, the investment is contingent on Sense Technologies being relisted on the Nasdaq under the symbol SNSG. The Nasdaq Listing Qualifications Panel’s decided on April 11 to delist the company’s Common Stock from the Nasdaq SmallCap Market, effective April 25.
“This funding commitment is indicative of the positive momentum here at Sense,” President Jim Cotter said in a prepared statement. “We have begun production and aim to start shipping to dealers by the end of this month. The infusion of new capital will allow us to rapidly accelerate our product rollout.”
The company will continue to advance the roll-out of the Guardian Alert Backing Awareness System between now and August, it says. Sense has formed a relationship with Charlotte-based Hendrick Automotive Group, which said it would offer the awareness system as a dealership-installed option on its vehicles.
Sense Technologies, which is based in Vancouver and is moving its manufacturing operations and headquarters to Charlotte, says its Guardian Alert Backing Awareness System is the only all-weather, maintenance-free, back-up warning device that deploys Doppler-sensing, microwave-radar technology to alert drivers to obstacles behind them while in reverse.
Sense Technologies: www.sensetech.com