By Sheri Kasprzak
New York, May 29 - Lithium Technology Corp. settled an $8.24 million private placement of series C convertible preferred stock.
The company issued a total of 54,933.34 shares of the preferred stock at $150 each.
The preferreds are convertible into common shares at $0.06 each, on the basis of 2,500 common shares per preferred.
Based in Plymouth Meeting, Pa., Lithium develops rechargeable lithium batteries used in notebook computers and cell phones.
| Issuer: | Lithium Technology Corp.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $8.24 million
|
| Shares: | 54,933.34
|
| Price: | $150
|
| Conversion price: | $0.06
|
| Conversion ratio: | Each preferred into 2,500 common shares
|
| Warrants: | No
|
| Settlement date: | May 25
|
| Stock symbol: | Pink Sheets: LTHU
|
| Stock price: | $0.12 at close May 25
|
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