By Devika Patel
Knoxville, Tenn., March 24 - Irvine Sensors Corp. settled a $1 million private placement of convertible preferred shares on March 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The preferreds are being sold in exchange for the cancellation of $1 million in debt.
The series A-2 10% cumulative convertible preferreds are priced at $40.00 apiece.
Each of the preferreds is convertible at any time into 100 common shares with an initial conversion price of $0.40 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 dividends.
Based in Costa Mesa, Calif., Irvine Sensors produces technologies for three-dimensional imaging.
Issuer: | Irvine Sensors Corp.
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Issue: | Series A-2 cumulative convertible preferred stock, each convertible into 100 common shares
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Amount: | $1 million
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Price: | $40.00
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Dividends: | 10%
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Conversion price: | $0.40
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Warrants: | No
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Call: | With 30 days notice at purchase price plus unpaid dividends
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Settlement date: | March 18
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Stock symbol: | Nasdaq: IRSN
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Stock price: | $0.28 at close March 18
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Market capitalization: | $2.19 million
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