6% series B preferreds convertible into stock, redeemable at 130
By Devika Patel
Knoxville, Tenn., April 1 - Neah Power Systems, Inc. arranged a $475,119 private placement of series B preferred stock on March 25, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company will sell the 6% preferreds at $1.00 apiece. Each preferred may be converted to common shares or redeemed at 130.
Bothell, Wash.-based Neah Power develops methanol fuel cells using silicon-based technologies.
| Issuer: | Neah Power Systems, Inc.
|
| Issue: | Series B preferred stock
|
| Amount: | $475,119
|
| Price: | $1.00
|
| Dividends: | 6%
|
| Call: | At 130
|
| Warrants: | No
|
| Pricing date: | March 25
|
| Stock symbol: | OTCBB: NPWZ
|
| Stock price: | $0.01 at close March 24
|
| Market capitalization: | $4 million
|
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