Orange 21 Inc., the parent of Spy Optic, announced that on Feb. 28 it entered into a stock purchase agreement and registration rights agreement with Harlingwood (Alpha), LLC.
Pursuant to the SPA, the company sold and issued to Harlingwood 712,121 shares of the company's common stock in exchange for $1,174,999, or $1.65 per share. Harlingwood is entitled to designate a director nominee in the slate of directors proposed by the company for any future annual meeting of the company's stockholders.
A. Stone Douglass, the Company's CEO, commented, “We are thankful for the interest and support of Harlingwood (Alpha), LLC. We believe that this investment will allow us to continue to build our new brands O'Neill, Margaritaville and Melodies by MJB, as well as grow our well established Spy brand.”
Harlingwood (Alpha), LLC is an affiliate of Harlingwood Equity Partners, a private investment management firm focused on investing in public companies that can benefit from their extensive background in private equity, public equity, strategy consulting and operations.
Orange 21 designs, develops, markets and produces premium products for the action sports, motorsports, snowsports and lifestyle markets under the brands Spy Optic.