60% of Active Protective Technologies’ $1 million unregistered private offering was placed almost two weeks ago. The non-brokered equity securities were subscribed by three investors. The first close garnered $600,000. $400,000 in additional funding can be raised before January 2015 based on the placement’s structure. The equity offering’s estimated net proceeds will amount to $780,000 which excludes $230,000 to be paid toward officers’ salaries. It doesn’t appear Active Protective Technologies previously sold securities under regulation D of the Securities Act of 1933.
The company is developing wearable airbag technology and proprietary motion detection algorithms designed for protective clothing. Its initial product is a wearable device to prevent hip injuries and fractures. All the details related to the patented technology can be found under patent number US20090254003 A1.
The company is headquartered in Allentown PA. No revenues were reported by the company. The executive team includes Andrew Lakatos, Neal Walker and Robert Buckman. The board of directors includes Adam Dakin and Sacha Levy.
Status: First close
Company: Active Protective Technologies
Amount offered: $1 million
Amount placed: $600,000
First sale: 2014-01-30