By Wendy Van Sickle
Columbus, Ohio, March 10 – Intrusion Inc. sold $5.35 million of 7% 18-month notes under a purchase agreement with Streeterville Capital, LLC and received an option to sell another 7% note on substantially similar terms, according to a news release.
After six months, the noteholder may redeem up to $500,000 of the notes per month. Payments may be made at the company’s option in cash, shares or a combination of cash and shares.
The option to sell the additional note is subject to the company obtaining shareholder approval under Nasdaq rules within 180 days for the issuance of shares of its common stock upon potential redemptions of the notes in amounts that exceed 19.99% of the outstanding common stock.
The $5.35 million notes were sold for $5 million less some reimbursed expenses. Proceeds will be used for general corporate purposes.
Ascendiant Capital Markets LLC was the placement agent.
Intrusion is a cybersecurity company based in Plano, Tex.
| Issuer: | Intrusion Inc.
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| Amount: | $5.35 million
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| Issue: | Notes
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| Tenor: | 18 months
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| Coupon: | 7%
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| Investor: | Streeterville Capital, LLC
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| Placement agent: | Ascendiant Capital Markets LLC
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| Placement date: | March 10
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