Two-year agreement with 35% warrant coverage inked with Socius CG II
By Devika Patel
Knoxville, Tenn., Feb. 3 - DayStar Technologies, Inc. arranged a two-year financing with Socius CG II, Ltd. on Feb. 2, according to an 8-K filed Thursday with the Securities and Exchange Commission. The offering could raise $5 million.
The company may sell 10% series B preferred shares to Socius over two years with 35% warrant coverage. The exercise price of the two-year warrants will equal the closing bid price of the company's common stock on the preceding day.
In addition, Socius received an additional investment right to buy common stock valued at 100% of the amount of the preferred stock, at a per-share price equal to the exercise price of the warrants.
Based in Milpitas, Calif., DayStar develops photovoltaic technologies that convert sunlight into energy.
| Issuer: | DayStar Technologies, Inc.
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| Issue: | Series B preferred stock
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| Amount: | $5 million
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| Tenor: | Two years
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| Dividends: | 10%
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| Warrants: | 35% coverage
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| Warrant expiration: | Two years
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| Investor: | Socius CG II, Ltd.
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| Pricing date: | Feb. 3
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| Stock symbol: | Nasdaq: DSTI
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| Stock price: | $1.58 at close Feb. 2
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| Market capitalization: | $7.77 million
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