Offer consists of 12% subordinated secured convertible notes due 2015
By Devika Patel
Knoxville, Tenn., July 7 - Irvine Sensors Corp. completed a $4.25 million private placement of its convertible notes on July 1, according to an 8-K filed Thursday with the Securities and Exchange Commission. Investors included Costa Brava Partnership III LP and Griffin Fund LP.
The 12% subordinated secured convertible notes are due Dec. 23, 2015. They are convertible into common stock at an initial conversion price of $0.07 per share, which is a 36.36% discount to the $0.11 June 30 closing share price, and may be put after July 16, 2012.
Proceeds will be used for general working capital purposes.
Based in Costa Mesa, Calif., Irvine Sensors produces technologies for three-dimensional imaging.
| Issuer: | Irvine Sensors Corp.
|
| Issue: | Subordinated secured convertible notes
|
| Amount: | $4.25 million
|
| Maturity: | Dec. 23, 2015
|
| Coupon: | 12%
|
| Conversion price: | $0.07
|
| Put: | After July 16, 2012
|
| Warrants: | No
|
| Investors: | Costa Brava Partnership III LP and Griffin Fund LP
|
| Settlement date: | July 1
|
| Stock symbol: | Nasdaq: IRSN
|
| Stock price: | $0.11 at close July 1
|
| Market capitalization: | $11.34 million
|
© 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.
