By Sheri Kasprzak
Atlanta, Feb. 3 - Dwango North America Corp. said it has wrapped a private placement of preferred stock for $15 million.
The company sold 15,000 shares of series D preferred stock at $1,000 each to nine accredited investors.
The preferreds pay annual dividends of 7% and are convertible into a total of 11,216,784 common shares at $1.40 each.
The investors also received warrants for 3,365,035 shares at $1.68 each for five years.
In connection with the private placement, Alexandra Global Master Fund Ltd. converted all its series C convertible preferred stock into a total of 703 series D preferred shares and warrants for 150,750 shares under the terms of the private placement. The conversion brought in an additional $703,000.
Dwango, based in Seattle, is a wireless technology and communications company.
| Issuer: | Dwango North America Corp.
|
| Issue: | Series D preferred stock
|
| Amount: | $15 million
|
| Shares: | 15,000
|
| Price: | $1,000
|
| Dividend: | 7%
|
| Conversion price: | $1.40
|
| Conversion ratio: | Into 11,216,784 common shares
|
| Warrants: | For 3,365,035 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.68
|
| Settlement date: | Feb. 3
|
| Stock price: | $1.60 at close Feb. 3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
