By Laura Lutz
Des Moines, Oct. 12 - Nighthawk Systems, Inc. sold $6 million of series B convertible preferred stock, according to an 8-K filing with the Securities and Exchange Commission.
Dutchess Private Equities Fund, Ltd. bought 600,000 shares of the series B preferreds at $10 each.
The preferreds are convertible at 100 shares, with a minimum value of $13.00 worth of stock.
The investor also received a seven-year warrant for 10,000,000 shares. The warrant is exercisable at $0.05 per share.
Based in San Antonio, Nighthawk provides wireless power-control products.
| Issuer: | Nighthawk Systems, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $6 million
|
| Shares: | 600,000
|
| Dividend: | 12%
|
| Price: | $10.00
|
| Conversion ratio: | 100 shares, floor of $13.00 worth of stock
|
| Warrants: | For 10,000,000 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $0.05
|
| Investor: | Dutchess Private Equities Fund, Ltd.
|
| Settlement date: | Oct. 11
|
| Stock symbol: | OTCBB: NIHK
|
| Stock price: | $0.08 at close Oct. 12
|
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