| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for Interlink Electronics, Inc. > News item |
Interlink gets second default notice on 8% convertibles
By Devika Patel
Knoxville, Tenn., Jan. 28 - Interlink Electronics, Inc. received a second default notice in regard to its 8% convertible notes, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company received a Dec. 17 default notice from counsel to Special Situations Fund III QP, LP, Special Situations Fund III, LP, Special Situations Technology Fund, LP and Special Situations Technology Fund II, LP.
In Wednesday's filing, it said it received a Dec. 24 letter from counsel to a second group of investors, SRB Greenway Capital, LP, SRB Greenway Capital (QP), LP and SRB Greenway Offshore Operating Fund, LP, which together hold $263,943 in notes.
The second letter demands the company pay the investors $88,886 in liquidated damages for failing to comply with the terms of a registration rights agreement, which required that the company file a securities registration statement with the SEC by a certain deadline.
The letter alleges that the company defaulted under the notes by failing to pay the $88,886 in liquidated damages and declares all unpaid principal and interest on the notes immediately due and payable.
Interlink said that if it were to pay these amounts immediately, it may deplete the company's cash such that a default could occur on its bank line of credit.
The company said it disputes that it is in default, and it intends to defend itself vigorously against any allegations to the contrary. However, it is continuing to review the liquidated damages matter and intends to respond accordingly.
Interlink is a Camarillo, Calif.-based designer and manufacturer of human interface products and technologies.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.