In October 2016, Liquidmetal Technologies Inc (OTCMKTS:LQMT) issued and sold 300 million shares of its common stock for a total purchase price of $55 million, encompassed of 200 million shares at a price of $0.15 a share and 100 million shares at a price of $0.25 a share as per the Securities Purchase deal executed in March 2016. Subsequent to this closing, the Investor has closed its complete $63.4 million investment in the firm planned by the 2016 Purchase Agreement.
The financial performance
In 3Q2016, Liquidmetal recorded revenues of $154,000 as it continued to focus on the advancement of commercial and prototype parts for its consumers and associating with licensees on the advancement of the firm’s production and technology procedures. S, G & A costs came at $1.7 million in 3Q2016, as against $1.8 million in 3Q2015. R&D costs were $548,000 in 3Q2016 as against to $491,000 in 3Q2015. Cash and restricted cash amounted to $6.4 million at close of the third quarter versus to $4.7 million at close of December 31, 2015.
Earlier in October, the company posted that it has finalized the additional completion pursuant to its previously reported Securities Purchase Agreement in March 2016, with its investor. In conjunction, the firm appointed Professor Li as Chairman of its Board and included two new members to the firm’s Board of Directors, Mr. Vincent Carrubba and Mr. Isaac Bresnick. As a result of the previous appointments, Abdi Mahamedi resigned from his Chairman role and then was engaged as Vice Chairman of company’s Board. Also, Liquidmetal updated on the resignation of Robert Howard-Anderson from the Board of Directors.
Professor Li is the majority shareholder and Chairman of EONTEC, an international manufacturing firm headquartered in Hong Kong with its manufacturing facilities in China. It focuses on new material advancement, such as medical grade magnesium and bulk metallic glasses. EONTEC holds a full set of mass production features for zirconium based amorphous alloys, comprising material refining, surface treatment, machine and equipment building capabilities, tooling and machining.