secwatch.observer — SEC 8-K summary
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Issuer:     BASANITE, INC. (BASA)
CIK:        0001448705
Form:       8-K
Filed at:   2021-08-18T23:59:59+00:00
Accession:  0001553350-21-000711
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 3.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Basanite closes private placement raising $5.33M gross; issues 19.4M shares and warrants
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- Closed private placement of units at $0.275 each to 17 accredited investors, raising ~$5.33M gross.
- Each unit consists of 1 common share, one Warrant A, and one Warrant B; total of 19.4M shares and 38.8M warrant shares issued.
- Warrants exercisable at $0.33/share for five years; Warrant B subject to call if stock trades at $1.00+ for 5 consecutive days.
- Net proceeds to be used for manufacturing expansion, sales/marketing, debt repayment, and working capital.
- Company granted registration rights to file S-1 for resale within 45 days and plans a Re-IPO of at least $15M within 180 days.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1448705/000155335021000711/0001553350-21-000711-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1448705/000155335021000711/basa_8k.htm
  HTML page:      https://secwatch.observer/filing/0001553350-21-000711

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer