By Sheri Kasprzak
New York, May 15 - I/OMagic Corp. will sell $95 million in stock in three closings.
The company plans to issue 21.75 million shares at varying prices to Jiangxi Greatsource Display Technology Co. Ltd.
In the first closing, set to occur Sept. 30, the company will issue 8 million shares at $3.00 each for $24 million. In the second closing, expected to occur between March 31, 2008 and May 31, 2008, the company plans to sell 10 million shares at $4.10 each for $41 million.
In the final closing, expected to occur May 31, 2008, the company will issue 3.75 million shares at $8.00 each for $30 million in proceeds.
The closings are contingent upon Jiangxi obtaining government approvals in the People's Republic of China to secure the funds necessary to complete the offering and upon the company's stock being listed for trade on the Over-the-Counter Bulletin Board.
I/OMagic manufactures peripherals for desktop and portable personal computers. The company has headquarters in Irvine, Calif.
| Issuer: | I/OMagic Corp.
|
| Issue: | Stock
|
| Amount: | $95 million
|
| Shares: | 8 million in first closing; 10 million in second closing; 3.75 million in final closing
|
| Price: | $3.00 for first closing; $4.10 for second closing; $8.00 for final closing
|
| Warrants: | No
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| Investor: | Jiangxi Greatsource Display Technology Co. Ltd.
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| Announcement date: | May 15
|
| Settlement dates: | Sept. 30 for first closing; March 31, 2008 to May 31, 2008 for second closing; May 31, 2008 for final closing
|
| Stock symbol: | OTCBB: IOMGE
|
| Stock price: | $2.90 at close May 15
|
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