Full Press Release Details
SPACEHAB ANNOUNCES $5.5 MILLION STOCK PURCHASE AGREEMENT
Texas, February 12, 2008 SPACEHAB, Incorporated
(NASDAQ: SPAB), a provider of commercial space services, today announced the
Company has entered into a Stock Purchase Agreement with certain investors for
the purchase of 55,000 shares of the Company s Series D convertible
preferred stock for a total price of
$5.5 million. In addition, the Company issued 150,150 shares of common stock upon entering
into the Stock Purchase Agreement.
transaction is contingent upon NASA awarding SPACEHAB a funded Space Act Agreement under
the Commercial Orbital Transportation Services (COTS) Program, scheduled to be awarded
mid-February, and shareholder approval of the transaction.
convertible preferred stock will be converted into common stock six months
after issuance based on a ratio determined by dividing
$100.00 by the average of (x) the average of the closing price of the Company s
common stock for the business days January 18-25, 2008 and (y) the
average of the closing price of the Company s common
stock for the five business days prior to the Company s receipt of written notification
from NASA indicating the Company s receipt of a COTS award of at least $120
The statements in this document may
contain forward-looking statements that are made pursuant to the Safe Harbor
provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are subject to risks,
trends, and uncertainties that could cause
actual results to be materially different from the forward-looking statement.
These factors include, but are not limited to,
continued government support and funding for key space programs, product
performance and market acceptance of products and
services, as well as other risk factors and business considerations described
in the company s Securities & Exchange Commission filings
including the annual report on Form 10-K. Any forward-looking statements in this
document should be evaluated in light of these important risk factors. The
Company assumes no obligation to update these
forward-looking statements.
This press release shall not
constitute an offer to sell or a solicitation of an offer to purchase any of
these securities, and shall not constitute an offer,
solicitation or sale in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful. The securities being
offered have not been registered under the Securities Act of 1933 and may not
be offered or sold in the United States absent registration or
an applicable exemption from registration requirements. This press release is
being issued pursuant to and in accordance with Rule 135c
under the Securities Act.