By Devika Patel
Knoxville, Tenn., Nov. 26 - Glowpoint, Inc. said it raised about $1.8 million in a private placement of its series A convertible preferred stock.
Each of the preferreds has a stated value of $7,500 and is entitled to receive dividends in kind at a rate of 5% per annum after one year.
They are each convertible into 10,000 common shares.
Investors also received series A-3 warrants for 5,000 common shares per preferred. Each warrant is exercisable at $0.40 for five years.
Hillside, N.J.-based Glowpoint is an internet protocol-based video communications service provider.
| Issuer: | Glowpoint, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $1.8 million (approximate)
|
| Dividends: | 5% in kind
|
| Price: | Par of $7,500
|
| Warrants: | For 5,000 shares per preferred
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.40
|
| Settlement date: | Nov. 26
|
| Stock symbol: | OTCBB: GLOW
|
| Stock price: | $0.27 at close Nov. 25
|
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