By Devika Patel
Knoxville, Tenn., Feb. 13 - Access Integrated Technologies, Inc. completed a $4 million private placement of its series A 10% non-voting cumulative preferred stock on Feb. 10, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 4 preferreds at $1 million apiece to two investors.
The investors also received warrants for 700,000 shares, exercisable at $0.63 for five years.
Morristown, N.J.-based Access Integrated Technologies provides networked digital cinema systems to theater operators.
| Issuer: | Access Integrated Technologies, Inc.
|
| Issue: | Series A non-voting cumulative preferred stock
|
| Amount: | $4 million
|
| Preferred shares: | 4
|
| Price: | $1 million
|
| Dividends: | 10%
|
| Warrants: | For 700,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.63
|
| Settlement date: | Feb. 10
|
| Stock symbol: | Nasdaq: CIDM
|
| Stock price: | $0.64 at close Feb. 10
|
| Market capitalization: | $17.5 million
|
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