By Sheri Kasprzak
New York, April 2 - MTM Technologies, Inc. wrapped a private placement of series A-6 convertible preferred stock for $3 million.
The company sold 2,020,202 shares of the preferreds at $1.485 each to Pequot Private Equity Fund III, LP; Pequot Offshore Private Equity Partners III, LP; Constellation Venture Capital II, LP; Constellation Venture Capital Offshore II, LP; The BSC Employee Fund VI, LP; and CVC II Partners, LLC.
The preferreds are convertible into common shares on a one-for-one basis.
The investors also received an option to buy up to $2 million in additional preferreds and warrants through April 10.
The investors received series A-6 warrants for 610,000 common shares, exercisable at $1.63 each through March 29, 2011.
Based in Stamford, Conn., MTM provides internet technology networking and communications technology, including voice-over-internet protocol.
Issuer: | MTM Technologies, Inc.
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Issue: | Series A-6 convertible preferred stock
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Amount: | $3 million
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Shares: | 2,020,202
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Price: | $1.485
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Conversion ratio: | One-for-one
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Warrants: | For 610,000 shares
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Warrant expiration: | March 29, 2011
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Warrant strike price: | $1.63
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Investors: | Pequot Private Equity Fund III, LP; Pequot Offshore Private Equity Partners III, LP; Constellation Venture Capital II, LP; Constellation Venture Capital Offshore II, LP; The BSC Employee Fund VI, LP; CVC II Partners, LLC
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Settlement date: | March 29
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Stock symbol: | Nasdaq: MTMC
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Stock price: | $1.25 at close March 29
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