Inksure buys back, retires $6.88 million senior secured convertibles

By Devika Patel

Knoxville, Tenn., Jan. 21 - Inksure Technologies Inc. reported that it paid $3 million to buy back and retire $6.88 million of its $8.88 million in senior secured convertible notes.

In an 8-K filed Thursday with the Securities and Exchange Commission, the company said that it paid for the notes with $1 million in available cash and $2 million that it received from the investors.

In addition, as part of the transaction, the company's series B-1 and series B-2 warrants were canceled, and its series A warrants were amended so that they are now exercisable for 2,183,000 shares at $0.15 per share. They previously were exercisable for 3,570,337 shares at $0.60 per share.

Based in Fort Lauderdale, Fla., Inksure develops security technologies used to detect counterfeit items.

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