By Sheri Kasprzak
Atlanta, Jan. 21 - Force Protection Inc. has wrapped a $15.8 million private placement.
The offering includes series D preferred stock sold to investors including Palisades Master Fund.
The preferreds are convertible into common shares at $0.32 each and pay an annual dividend of 6%.
HPC Capital Management Corp. was the placement agent in the deal.
The company also announced that its outstanding series B and series C preferred shares will be converted into common shares.
In other news at the company, R. Scott Ervin was named interim chief executive officer, replacing Gale Aguilar.
Based in Ladson, S.C., Force Protection manufactures armored vehicles used by the U.S. armed forces. The proceeds will be used for working capital.
| Issuer: | Force Protection Inc.
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| Issue: | Series D preferred stock
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| Amount: | $15.8 million
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| Dividend: | 6%
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| Conversion price: | $0.32
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| Warrants: | No
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| Placement agent: | HPC Capital Management Corp.
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| Investors: | Palisades Master Fund (lead)
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| Settlement date: | Jan. 21
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| Stock price: | $0.252 at close Jan. 21
|
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