By Sheri Kasprzak
New York, May 18 - Sequiam Corp. settled a $2,725,000 private placement of series B convertible preferreds with 17 institutional and other investors.
The investors purchased 2,725 shares of the preferreds at $1,000 apiece.
The 10% preferreds are convertible into a total of 12,976,190 common shares at $0.21 each.
The investors also received warrants for 12,976,190 shares, exercisable at $0.30 each.
Connected to the offering, Sequiam reduced the conversion price on its outstanding series B preferreds to $0.21 from $0.23.
Orlando, Fla.-based Sequiam is a software company focused on security products and products used to transfer data.
| Issuer: | Sequiam Corp.
|
| Issue: | Series B convertible preferreds
|
| Amount: | $2,725,000
|
| Shares: | 2,725
|
| Price: | $1,000
|
| Dividends: | 10%
|
| Conversion price: | $0.21
|
| Conversion ratio: | Into 12,976,190 common shares
|
| Warrants: | For 12,976,190 shares
|
| Warrant strike price: | $0.30
|
| Settlement date: | May 17
|
| Stock symbol: | OTCBB: SQUM
|
| Stock price: | $0.29 at close May 17
|
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