By Sheri Kasprzak
New York, Nov. 23 - Nayna Networks, Inc. said it has completed a private placement for $4.8 million.
The callable secured convertible notes mature in three years, bear interest at 8% annually and are convertible into common shares at $0.68 each.
The investors also received warrants for 2.4 million shares, exercisable at $1.00 each for five years.
Proceeds will be used for general corporate purposes.
Laidlaw & Co. and Stonegate Securities, Inc. are placement agents for the offering.
Based in San Jose, Calif., Nayna Networks is a hardware and software development company focused on broadband access products.
| Issuer: | Nayna Networks, Inc.
|
| Issue: | Callable secured convertible notes
|
| Amount: | $4.8 million
|
| Maturity: | Three years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.68
|
| Warrants: | For 2.4 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Placement agent: | Laidlaw & Co. and Stonegate Securities, Inc.
|
| Settlement date: | Nov. 17
|
| Stock price: | $0.90 at close Nov. 17
|
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