By Devika Patel
Knoxville, Tenn., May 7 - Liquidmetal Technologies, Inc. settled a $2.5 million private placement of its series A-1 convertible preferred stock on May 1, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 500,000 preferreds at $5.00 apiece. They are convertible at $0.10 per share.
The dividends are payable semiannually. The dividend rate is 8% for the first two years and 10% thereafter. These dividends will be payable in cash or in kind.
The company also exchanged its 8% convertible subordinated notes for a combination of new 8% senior secured convertible notes, series A-2 preferred shares and warrants.
Based in Lake Forest, Calif., Liquidmetal makes industrial coatings from amorphous alloys.
| Issuer: | Liquidmetal Technologies, Inc.
|
| Issue: | Series A-1convertible preferred stock
|
| Amount: | $2.5 million
|
| Dividends: | 8% for two years, 10% thereafter
|
| Conversion price: | $0.10
|
| Warrants: | No
|
| Settlement date: | May 1
|
| Stock symbol: | OTCBB: LQMT
|
| Stock price: | $0.39 at close May 1
|
| Market capitalization: | $17 million
|
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