By Sheri Kasprzak
New York, Aug. 2 - Raptor Networks Technology, Inc. revealed the particulars on its previously announced $3.5 million private placement of senior secured convertible notes.
The 9.25% notes are due Aug. 1, 2010 and are convertible into common shares at $1.2029 each.
The investors also received warrants for 6,047,886 shares. The investors will receive series N warrants for 2,909,636 shares, series P warrants for 1,246,987 shares and series O warrants for 1,891,263 shares. The series N, P and O warrants are exercisable at $1.2909 each. The series N and O warrants expire in seven years and the P warrants expire the earlier of the maturity date or the date the company satisfies its payment obligations.
Proceeds will be used for the company's business plan.
On Wednesday, the stock fell by 6 cents, or 5.13%, to close at $1.11.
Based in Santa Ana, Calif., Raptor Networks develops network switching architectures.
| Issuer: | Raptor Networks Technology, Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $3.5 million
|
| Maturity: | Aug. 1, 2010
|
| Coupon: | 9.25%
|
| Price: | Par
|
| Yield: | 9.25%
|
| Conversion price: | $1.2029
|
| Warrants: | Series N for 2,909,636 shares; series P for 1,246,987 shares; series O for 1,891,263 shares
|
| Warrant expiration: | Seven years for series N and O warrants; the earlier of maturity or upon the payment of the notes for series P warrants
|
| Warrant strike price: | $1.2909
|
| Settlement date: | July 31
|
| Stock symbol: | OTCBB: RPTN
|
| Stock price: | $1.11 at close July 31
|
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