31 May 2007securities registration● Neutral
HII Technologies, Inc. filed the final prospectus for a registered offering.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 May 2007director interest notice● Neutral
HII Technologies, Inc. 10%+ owner Southwest Bancorp INC disposed of 2,500,000 shares via option/appreciation-right settlement.
9 May 2007director interest notice● Neutral
HII Technologies, Inc. 10%+ owner Stillwater National Bank & Trust CO disposed of 2,500,000 shares via option/appreciation-right settlement.
12 Apr 2007securities registration● Neutral
HII Technologies, Inc. amended an already-effective registration statement.
12 Apr 2007securities registration● Neutral
HII Technologies, Inc. amended an already-effective registration statement.
3 Apr 2007capital raising announcement▲ Good
In March 2007, 666,768 warrants were exercised, giving 666,768 new shares and gross proceeds of $752,570. Of these, 536,300 were Class A warrants exercised at $1.25 (about $670,375), and those holders also get a new Class B warrant at $2.00 for five years. First Montauk is owed a $16,760 fee. This brings in cash but adds shares.
22 Mar 2007securities registration● Neutral
HII Technologies, Inc. amended an already-effective registration statement.
20 Feb 2007securities registration● Neutral
HII Technologies, Inc. filed the final prospectus for a registered offering.
14 Feb 2007director interest notice● Neutral
HII Technologies, Inc. officer Matthew C Flemming disposed of 64,500 shares via option/appreciation-right settlement.
14 Feb 2007director interest notice● Neutral
Larry C Shumate became a HII Technologies, Inc. President & CEO and company insider (initial ownership filing).
14 Feb 2007director interest notice● Neutral
Steven Burr Erikson became a HII Technologies, Inc. director and company insider (initial ownership filing).
14 Feb 2007director interest notice● Neutral
Russ Clark became a HII Technologies, Inc. VP & COO and company insider (initial ownership filing).
14 Feb 2007director interest notice● Neutral
Francis Jungers became a HII Technologies, Inc. director and company insider (initial ownership filing).
12 Feb 2007material agreement● Neutral
On February 8, 2007 (effective January 19, 2007) the company renewed its $1,000,000 secured revolving line with Stillwater, with a balance of about $515,000 at January 19, 2007. Borrowing is limited to 85% of eligible receivables plus 50% of eligible inventory, interest is prime plus 2%, and it expires April 19, 2008. This continues the existing bank facility; the borrowing base percentage for receivables is 85% versus 80% in earlier context.
31 Jan 2007securities registration● Neutral
HII Technologies, Inc. filed the final prospectus for a registered offering.
29 Jan 2007securities registration● Neutral
HII Technologies, Inc. amended a filing by which it registered a small-business securities offering with the SEC.
18 Jan 2007director interest notice● Neutral
Steven Burr Erikson became a HII Technologies, Inc. director and company insider (initial ownership filing).
18 Jan 2007director interest notice● Neutral
Francis Jungers became a HII Technologies, Inc. director and company insider (initial ownership filing).
29 Dec 2006securities registration● Neutral
HII Technologies, Inc. registered a small-business securities offering with the SEC.
14 Dec 2006capital raising announcement▲ GoodMajor
This amended filing revises the fall 2006 offering: through December 14, 2006 the company sold 3,787,550 shares at $1.00 (not $1.10) for $3,787,550 gross, with 1,893,775 Class A warrants at $1.25 and no Class B warrants. It also reports that on December 1, 2006 the company paid Stillwater $525,000 in full settlement of the $2.5 million debenture, with the remaining principal and about $225,000 of accrued interest cancelled. This resolves the open thread on the Stillwater note. Stillwater still holds 2,368,000 shares (about 13%), plus an equipment term loan of about $3.46 million and about $900,000 on the credit line as of September 30, 2006. Investors have full-ratchet protection on sales below $1.00 until the earlier of March 14, 2008 or a definitive distribution agreement with @Balance.
3 Nov 2006capital raising announcement● NeutralMajor
Between October 30 and November 3, 2006 the company sold 953,228 shares at $1.10 each in a private placement for gross proceeds of $1,048,550, with Class A ($1.50) and Class B ($1.75) warrants of 238,308 each, and more closings expected. Proceeds are meant for the HemiWedge launch and working capital, including settling the $2.5 million Stillwater debenture for $525,000. Investors get full-ratchet price protection if the company later sells shares below $1.10, which could dilute existing holders further, and the company must file a resale registration within 30 days of the final closing.
17 Oct 2006director interest notice● Neutral
Leo B Womack became a HII Technologies, Inc. director and company insider (initial ownership filing).
17 Oct 2006director interest notice● Neutral
Kenton Chickering III became a HII Technologies, Inc. director and company insider (initial ownership filing).
15 Aug 2006material agreement● Neutral
On August 9, 2006 Stillwater extended the deadline for the discounted $500,000 payoff of the $2,500,000 convertible note (set in the April 2006 letter agreement). The price rises to $525,000 if paid Sept 2 to Dec 1, 2006 and to $550,000 if paid Dec 2, 2006 to March 1, 2007; other terms are unchanged. This gives the company more time on the open thread but at a slightly higher cost, and the payoff is still not done.
18 July 2006material agreement▲ GoodMajor
On July 13, 2006 the HemiWedge subsidiary signed a two-year development agreement (expires July 12, 2008) with At Balance Americas, a Shell Technology Ventures subsidiary, to jointly develop a downhole isolation valve. The company's subsidiary keeps ownership of any new technology; At Balance may later get a worldwide exclusive purchase right if it chooses to commercialise, subject to conditions including an exclusivity fee, a minimum purchase and funding of some or all of the production capital. Shell Technology Ventures also received rights to invest in future financings, behind the February 2006 investors. This extends the HemiWedge line begun in December 2005; no money amounts are stated.
5 June 2006securities registration● Neutral
HII Technologies, Inc. amended a filing by which it registered a small-business securities offering with the SEC.
25 Apr 2006securities registration● Neutral
HII Technologies, Inc. registered a small-business securities offering with the SEC.
18 Apr 2006material agreement▲ GoodMajor
On April 13, 2006 Stillwater agreed to accept $500,000 in full payment of the $2,500,000 convertible note from the October 2005 restructuring, if it is paid by September 1, 2006 from new equity funds (not borrowed money) on terms no better than those recently approved by Stillwater. If this happens the company expects about $2,000,000 of debt forgiveness income; it is conditional and not yet done.
6 Apr 2006material agreement termination▲ GoodMajor
The company and Stillwater signed an amendment forgiving $2,000,000 of the term note from the October 2005 restructuring, replaced by a new note of $3,633,053 due April 19, 2008, which follows through on the debt forgiveness flagged in February. Separately, Shumate Machine Works replaced its lease on its ~25,000 sq ft Conroe plant with a five-year lease at $18,600 a month, which is $4,000 a month lower. (The filing says the amendment was dated March 31, 2005, which appears to be a typo for 2006 - inference.)
23 Feb 2006capital raising announcement▲ GoodMajor
On February 22, 2006 the company sold 3,333,333 shares at $0.60 in a private placement (First Montauk as placement agent for 2,500,000), netting about $1,810,000 to launch the HemiWedge valve, and for working capital. The press release says the total raise was $2.25 million with the December 2005 closing, and that Stillwater agreed to forgive about $2.0 million of the $5.6 million term loan; this adds shares and dilutes existing holders but cuts debt.