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DynTek plans $9.7 million private placement of notes
By Sheri Kasprzak
New York, Feb. 21 - DynTek, Inc. said it plans to raise $6.7 million in senior secured notes and $3 million in junior secured convertible notes.
B. Riley & Co. and Lloyd I. Miller III agreed to buy the notes.
The conversion price of the convertible notes will be equal to the price per share of a $4.5 million private placement currently being arranged by placement agent Network 1 Financial Securities Inc.
The other terms of the notes have not yet been determined.
The offering is part of DynTek's recapitalization program, which is expected to bring in up to $7 million in net working capital.
Based in Irvine, Calif., DynTek provides internet technology products for state and local governments, education institutions and corporations.
On Tuesday, the company's stock gained a penny, or 27.66%, to end at $0.06 (OTCBB: DYTK).
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