Proceeds will be used to fund operations, new product development
By Angela McDaniels
Tacoma, Wash., March 14 – MoSys, Inc. has signed definitive agreements for a private placement of $8 million of 10% senior secured convertible notes due Aug. 15, 2018.
The convertibles are secured by a lien on all of the company’s assets and are convertible into shares of the company’s common stock at a price of $0.90 per share, which is subject to future anti-dilution adjustment, according to a company news release.
The conversion price is a 3.4% premium over the company’s closing share price on Friday.
Interest is payable in cash, in kind or in a combination thereof.
The company plans to use the proceeds to fund operations and new product development and for general corporate purposes, including working capital.
MoSys is a fabless semiconductor company based in Santa Clara, Calif.
| Issuer: | MoSys, Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $8 million
|
| Maturity: | Aug. 15, 2018
|
| Coupon: | 10%
|
| Conversion price: | $0.90
|
| Warrants: | No
|
| Pricing date: | March 14
|
| Stock symbol: | Nasdaq: MOSY
|
| Stock price: | $0.87 at close March 11
|
| Market capitalization: | $57.64 million
|
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