Orange 21 Inc. said it has extended the expiration date for its subscription rights offering previously announced on Jan. 22, 2009.
Accordingly, the subscription rights issued pursuant to the Rights Offering will now expire at 5:00 p.m., New York City time, on March 6, 2009.
As of Feb. 20, 2009, the original expiration date of the rights offering, more than 2.9 million shares of Orange 21s common stock have been purchased in the rights offering for an aggregate of approximately $2.3 million.
Purchasers in the rights offering include: Costa Brava Partnership III L.P., a holder of 19.8% of Orange 21s common stock prior to the commencement of the Rights Offering, which participated up to its full pro-rata share by purchasing 1,622,271 additional shares of common stock for approximately $1.3 million; The Integrity Brands Fund, L.P., a holder of 18.9% of Orange 21s common stock prior to the commencement of the rights offering, which purchased 724,270 shares;
Harry Casari, a member of Orange 21s board of directors, who purchased 31,250 shares; and Ted Roth, an Orange 21 board member, who purchased 26,000 shares. In light of this participation Orange 21s board has determined to extend the Rights Offering for an additional two weeks.
During the extended offering period for the rights offering, any person who received subscription rights from Orange 21 during the original offering period may exercise those subscription rights that have not already been exercised.
In addition, during the extended offering period, Orange 21 may continue to offer shares of its common stock offered but not subscribed for in the rights offering to other potential investors selected by it, in its sole discretion, at the rights offering subscription price. Other than the extension of the expiration date, all other offering terms described in Orange 21s prospectus supplement, dated January 22, 2009, remain the same and apply during the extended period of the offering.
