Neonode amends warrant strike prices, issues new warrants and extends maturity of convertible debt

By Devika Patel

Knoxville, Tenn., May 20 - Neonode Inc. said it amended the terms of its outstanding warrants, which resulted in holders exercising the warrants for $4.83 million, including $375,000 of surrender of debt.

The company offered existing holders an opportunity to exercise their warrants on a discounted basis for a limited period, which ended on May 19.

In all, approximately 3.8 million outstanding warrants were exercised at a strike price of $1.27 per warrant.

In addition, the company issued two new warrants, with an exercise price of $1.45 for each outstanding warrant exercised.

Neonode also extended the maturity date of $2.85 million of convertible debt that was due on June 30, 2008 until Dec. 31, 2008 by issuing the noteholders 879,844 warrants, with an exercise price of $1.45.

In total, approximately 8.5 million new warrants were issued to investors or noteholders at the exercise price of $1.45 per share.

Empire Asset Management Co. was the financial adviser.

Neonode is a user-experience technology company with offices in San Ramon, Calif., and Stockholm.

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