6% preferreds are convertible into common shares at $0.20 per share
By Devika Patel
Knoxville, Tenn., March 14 - Lenco Mobile Inc. raised $700,000 in a private placement of series A1 convertible preferred stock on March 14, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 7,000 preferreds at $100.00 apiece. The preferreds pay a 6% dividend and may be redeemed after Sept. 23, 2015.
The preferreds convert into common shares at $0.20 per share, which is a 566.67% premium to the March 13 closing share price of $0.03.
Based in Seattle, Lenco provides mobile messaging and mobile web services.
| Issuer: | Lenco Mobile Inc.
|
| Issue: | Series A1 convertible preferred stock
|
| Amount: | $700,000
|
| Shares: | 7,000
|
| Price: | $100.00
|
| Dividends: | 6%
|
| Conversion price: | $0.20
|
| Call: | After Sept. 23, 2015
|
| Warrants: | No
|
| Settlement date: | March 14
|
| Stock symbol: | OTCBB: LNCM
|
| Stock price: | $0.03 at close on March 13
|
| Market capitalization: | $3.14 million
|
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