Tethis reported selling 72% of its debt issuance via a subscription which launched a little over a week ago. According to the information disclosed, thirteen subscribers ponied up $430,000 out of the $600,000 the company expected to raise. Based on the offering’s structure, the company has until February 2015 to raise an extra $170,000. A prior unregistered securities offering which raised an estimated $800,000 was completed by the company.
The company develops and markets super-absorbent biodegradable foams and powders based around a patented technology for various water treatment situations. Tethis markets its products under the Tethex name. According to the company, its products solve the risk, cost, and technical difficulties found in the treatment of highly concentrated brine waste (the super concentrated by-product that results from treating brackish water or seawater) as well as other hazardous wastes. The products are made from a combination of readily available organic, bio-degradable materials.
Scott A Bolin (President, CEO and Co-founder) leads the Raleigh NC based company which was registered in 2012. Tethis kept its revenues undisclosed.
The board of directors includes Christopher A Evans, Kenneth Bowdon and Tom Darden.
The company has raised an estimated total of $1.23 million via private unregistered security offerings.
Status: First close
Industry: Other Technology
Amount offered: $600,000
Amount placed: $430,000
First sale: 02-24-2014
Data as of: 03-05-2014