By Devika Patel
Knoxville, Tenn., Aug. 1 - NetSol Technologies, Inc. completed a $6 million private placement of unsecured convertible notes on July 28, according to an 8-K filed Friday with the Securities and Exchange Commission.
The notes will mature in three years and are convertible into common stock at $2.00 per share.
The notes were sold to The Tail Wind Fund Ltd, Solomon Strategic Holdings, Inc. and Tail Wind Advisory & Management Ltd.
Calabasas, Calif.-based NetSol develops software used for systems integration and outsourcing.
| Issuer: | NetSol Technologies, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $6 million
|
| Maturity: | July 28, 2011
|
| Price: | Par
|
| Conversion price: | $3.00
|
| Warrants: | No
|
| Investors: | The Tail Wind Fund Ltd, Solomon Strategic Holdings, Inc. and Tail Wind Advisory & Management Ltd
|
| Pricing date: | July 23
|
| Settlement date: | July 28
|
| Stock symbol: | Nasdaq: NTWK
|
| Stock price: | $2.90 at close July 23
|
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