By Sheri Kasprzak
New York, June 19 - NetSol Technologies, Inc. revealed the specific terms of its previously announced $5.5 million private placement of convertible notes.
The one-year notes, sold to five accredited investors, bear interest at 12% annually and are convertible into shares of series A 7% convertible preferred stock. Neither the conversion price of the notes nor the preferreds could be determined Monday.
The investors received warrants for 1,666,667 shares, exercisable at $1.77 each for five years.
Maxim Group, LLC was the placement agent.
Calabasas, Calif.-based NetSol develops software used for systems integration and outsourcing.
| Issuer: | NetSol Technologies, Inc.
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| Issue: | Convertible notes
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| Amount: | $5.5 million
|
| Maturity: | One year
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
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| Conversion: | Into 7% series A convertible preferreds
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| Warrants: | For 1,666,667 shares
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| Warrant expiration: | Five years
|
| Warrant strike price: | $1.77
|
| Placement agent: | Maxim Group, LLC
|
| Settlement date: | June 15
|
| Stock symbol: | Nasdaq: NTWK
|
| Stock price: | $1.68 at close June 15
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