By Devika Patel
Knoxville, Tenn., April 18 - Irvine Sensors Corp. settled a $4 million private placement of convertible preferred shares on April 14, according to an 8-K filed with the Securities and Exchange Commission Friday.
The company sold 133,332 shares of its newly created series A-1 10% cumulative convertible preferred stock to Longview Fund, LP and Alpha Capital Anstalt at $30.00 per share.
Instead of paying $4 million for the shares, the investors exchanged a portion of the company's term notes, which were issued on Dec. 29, 2006. As a result of this exchange, the notes' unpaid interest and a portion of the term notes' principal that would have been due on Dec. 30, 2009 has been canceled.
Each of the newly issued preferreds is convertible at any time into 100 common shares, with an initial conversion price of $0.30 per share, which is subject to adjustment. The preferreds are callable with 30 days notice at a price equal to the purchase price plus unpaid interest.
Based in Costa Mesa, Calif., Irvine Sensors produces technologies for three-dimensional imaging.
| Issuer: | Irvine Sensors Corp.
|
| Issue: | Series A-1 10% cumulative convertible preferred stock, each convertible into 100 common shares
|
| Amount: | $3,999,960
|
| Shares: | 133,332
|
| Price: | $30.00
|
| Conversion price: | $0.30
|
| Warrants: | No
|
| Investors: | Longview Fund, LP and Alpha Capital Anstalt
|
| Settlement date: | April 14
|
| Stock symbol: | Nasdaq: IRSN
|
| Stock price: | $0.50 at close April 14
|
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