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Brammo Inc. sells $12.4M in equity stock

Ashland company plans to sell $17.5 million more
 Posted: 2:00 AM September 22, 2010

Ashland electric motorcycle company Brammo Inc. has filed notice with the Securities and Exchange Commission that it has sold more than $12.4 million worth of equity stock and intends to sell another $17.5 million.

Although the Tuesday filing did not name investors or holdings, the sale of $12,454,653 worth of shares took place Sept. 15 — the same day Brammo announced its deal with global electronics manufacturer Flextronics of Singapore.

The SEC filing is a "Notice of Exempt Offering of Securities" required when companies make a private offering of shares. Efforts to reach 49-year-old founder and Chief Executive Officer Craig Bramscher Tuesday night were unsuccessful.

In the filing, Brammo said none of the gross proceeds of the offering would be used for payments to executive officers, directors or promoters, "other than salaries and bonuses in the regular course of business."

Given the option, Brammo checked the "Decline to Disclose" box on revenue.

The filing lists Brammo's board of directors: Kuk Yi, Ashland; Brian Wawro, Ashland; Bruce Gilpin, Ashland; and David Kurtz, Ashland.

Two years ago Brammo lined up $10 million in financial backing from Chrysalix Energy Venture Capital and Best Buy Capital.

Separately, Brammo relaunched its website this week, providing splash in the motorcycle world.

Greg Stiles is a reporter at the Mail Tribune. Reach him at 541-776-4463 or e-mail business@mailtribune.com.


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