By Sheri Kasprzak
New York, May 25 - DayStar Technologies, Inc. wrapped a $15 million private placement of secured convertible debentures.
The 7.5% debentures are convertible into common shares at $11.50 each.
The debentures are repayable in eight equal installments beginning two weeks after a registration statement is filed or after the four-month anniversary after closing.
DayStar may make installment payments on the debentures in cash or stock at a price equal to 13.5% of the five-day volume weighted average price of the company's stock before the installment is due.
The investors received warrants exercisable through May 2011 at $12.65 each. The exact number of warrants could not be determined by press time Thursday.
Proceeds will be used for the company's corporate strategy.
Based in Halfmoon, N.Y., DayStar develops photovoltaic technologies that convert sunlight into energy.
| Issuer: | DayStar Technologies, Inc.
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| Issue: | Convertible debentures
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| Amount: | $15 million
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| Coupon: | 7.5%
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| Price: | Par
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| Yield: | 7.5%
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| Conversion price: | $11.50
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| Warrant expiration: | May 2011
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| Warrant strike price: | $12.65
|
| Settlement date: | May 25
|
| Stock symbol: | Nasdaq: DSTI
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| Stock price: | $9.91 at close May 25
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