By Sheri Kasprzak
New York, May 26 - DayStar Technologies, Inc. revealed more details on its previously announced $15 million private placement of convertible debentures.
Castlerigg Master Investments Ltd. bought the 7.5% debentures, which are due in eight equal installments beginning two weeks after a registration statement is filed or the four-month anniversary of 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.
Castlerigg received warrants for 782,609 shares exercisable through May 2011 at $12.65 each.
Ardour Capital Investments, LLC was the placement agent.
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%
|
| Price: | Par
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| Yield: | 7.5%
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| Conversion price: | $11.50
|
| Warrants: | For 782,609 shares
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| Warrant expiration: | May 25, 2011
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| Warrant strike price: | $12.65
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| Investor: | Castlerigg Master Investments Ltd.
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| Placement agent: | Ardour Capital Investments, LLC
|
| Settlement date: | May 25
|
| Stock symbol: | Nasdaq: DSTI
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| Stock price: | $9.91 at close May 25
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