Deal sells series D-1 convertible preferreds to fund working capital
By Devika Patel
Knoxville, Tenn., Aug. 7 – Communication Intelligence Corp. said it raised about $1.1 million in a sale of series D-1 convertible preferred stock.
The preferreds are convertible into common stock at $0.0225 per share. The conversion price is a 12.5% premium to the Aug. 6 closing share price of $0.02.
Proceeds will be used for working capital.
The supplier of electronic signature services for business process automation and in biometric signature verification technology is based in Redwood Shores, Calif.
| Issuer: | Communication Intelligence Corp.
|
| Issue: | Series D-1 convertible preferred stock
|
| Amount: | $1.1 million (approximate)
|
| Conversion price: | $0.0225
|
| Warrants: | No
|
| Settlement date: | Aug. 7
|
| Stock symbol: | OTCBB: CICI
|
| Stock price: | $0.02 at close Aug. 6
|
| Market capitalization: | $4.07 million
|
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