Beacon Power 8-K 2009
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 20, 2009
BEACON POWER CORPORATION
(Exact Name of Registrant as Specified in Charter)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 8.01 Other Events>.
As previously disclosed in a Form 8-K on February 20, 2009, Beacon Power Corporation (the “Company” or “Beacon”) entered into a Common Stock Purchase Agreement (the “Agreement”) whereby the Company agreed to issue to Seaside 88, LP (“Seaside”) and Seaside agreed to buy $1 million worth of shares of Beacon Common Stock once each month at a monthly closing on the 20th day of each month (or if that day is not a business day, then on the next business day) for a period of six months commencing on February 20, 2009 at a purchase price equal to 80% of the volume weighted average trading prices of the Company’s common stock, par value $0.01 per share (the “Common Stock”) during the five-day period immediately preceding each monthly issuance, but in no event below $0.20 per share. Accordingly, on March 20, 2009 Seaside purchased 2,896,200 shares of the Company’s Common Stock at a price per share of $0.4316 having an aggregate value of $1,000,000 and, pursuant to the Agreement, the Company paid Seaside $9,000 in non-accountable expenses.
Item 9.01 Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.