By Sheri Kasprzak
New York, April 25 - Endwave Corp. said it has settled a $45 million private placement of convertible preferred stock.
Oak Investment Partners XI, LP bought 300,000 shares of the company's series B preferreds at $150.00 each.
The preferreds are convertible into a total of 3 million common shares at $15.00 each. The conversion price represents a 12.35% premium to the company's April 24 closing stock price of $13.35.
The investor also received warrants for 90,000 preferreds, exercisable at $150.00 each for three years. Those preferreds are also convertible into common stock at $15.00 each.
Endwave, based in Sunnyvale, Calif., manufactures radio frequency modules for telecommunications companies, defense electronics systems and other applications.
| Issuer: | Endwave Corp.
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| Issue: | Series B convertible preferreds
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| Amount: | $45 million
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| Shares: | 300,000
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| Price: | $150.00
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| Conversion ratio: | Into 3 million common shares
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| Conversion price: | $15.00
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| Warrants: | For 90,000 preferreds (convertible at $15.00 each)
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| Warrant expiration: | Three years
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| Warrant strike price: | $150.00
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| Investor: | Oak Investment Partners XI, LP
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| Settlement date: | April 24
|
| Stock symbol: | Nasdaq: ENWV
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| Stock price: | $13.35 at close April 24
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