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Trans-Lux amends warrants sold in $8.33 million preferreds placement
A warrants are exercisable for a common share and a B warrant at $1.00
By Devika Patel
Knoxville, Tenn., June 26 - Trans-Lux Corp. amended the terms of the A warrants it sold in an $8.33 million private placement of its series A convertible preferred stock on June 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The placement settled on Nov. 14, 2011.
The A warrants will now expire on July 31.
As previously reported, the company sold 416.5 units at $20,000.00 per unit. Each unit consists of 1,000 preferreds and 10,000 A warrants.
The A warrants are each exercisable for one common share and one B warrant at $1.00 per share and warrant. The strike price is a 300% premium to the Nov. 10 closing share price of $0.25. The B warrants are exercisable at $1.00 for three years, also a 300% premium.
Trans-Lux, based in Norwalk, Conn., designs, manufactures and installs large-scale indoor and outdoor LED electronic display systems.
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