10% series A-2 preferreds sold along with 25 warrants per preferred
By Devika Patel
Knoxville, Tenn., April 8 – Gyrotron Technology Inc. completed a $44,975 private placement of its 10% series A-2 convertible preferred stock, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 1,285 units of one preferred and warrants for 25 shares at $35.00 per unit. Each preferred converts to one common share.
The warrant is exercisable at $1.00 until Dec. 15, 2016. The strike price reflects a 28.21% premium to the April 7 closing share price of $0.78.
Additionally a director has loaned the company $45,000, and the company said in the filing that it expects to pay “a substantial portion” of this debt with preferred units.
The Bensalem, Pa., company develops energy-efficient heating technologies.
| Issuer: | Gyrotron Technology Inc.
|
| Issue: | Units of one series A-2 convertible preferred share and warrants for 25 shares
|
| Amount: | $44,975
|
| Units: | 1,285
|
| Price: | $35.00
|
| Dividends: | 10%
|
| Warrants: | Warrants for 25 shares per unit
|
| Warrant expiration: | Dec. 15, 2016
|
| Warrant strike price: | $1.00
|
| Announcement date: | April 8
|
| Stock symbol: | OTCBB: GYTI
|
| Stock price: | $0.78 at close April 7
|
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