Offering sells senior secured notes with warrants for 1,151,121 shares
By Devika Patel
Knoxville, Tenn., April 17 – Uni-Pixel, Inc. settled a $15 million private placement of 9% senior secured convertible notes on April 16, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note matures on April 16, 2016, and is initially convertible into common stock at $8.47 per share. The conversion price is a 10% premium to the April 15 closing share price of $7.70. The notes are redeemable or may be put.
The investors also received five-year warrants for 1,151,121 shares, or 65% coverage, which are each exercisable at $9.63, a 25.07% premium to the April 15 closing share price.
Based in the Woodlands, Texas, Uni-Pixel produces technology for flat-panel displays.
| Issuer: | Uni-Pixel, Inc.
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| Issue: | Senior secured convertible note
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| Amount: | $15 million
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| Maturity: | April 16, 2016
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| Coupon: | 9%
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| Conversion price: | $8.47
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| Conversion premium: | 10%
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| Call: | Yes
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| Put: | Yes
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| Warrants: | 65% coverage, warrants for 1,151,121 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $9.63
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| Agent: | WestPark Capital
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| Settlement date: | April 16
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| Stock symbol: | Nasdaq: UNXL
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| Stock price: | $7.70 at close April 15
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| Market capitalization: | $92.25 million
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