255 convertible preferreds sold at $10,000 apiece, with a 5% discount
By Devika Patel
Knoxville, Tenn., March 10 – Visualant, Inc. settled a $2.5 million private placement of 7% series B redeemable convertible preferred stock on March 8, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 255 preferreds at $10,000 per preferred with a 5% original issue discount.
Each preferred will be convertible into common shares at $7.50 per share, a 7.14% premium to the March 7 closing share price of $7.00.
Seattle-based Visualant develops light-based security and authentication systems technology.
| Issuer: | Visualant, Inc.
|
| Issue: | Series B redeemable convertible preferred stock
|
| Amount: | $2.5 million
|
| Shares: | 255
|
| Price: | $10,000, with a 5% original issue discount
|
| Dividend: | 7%
|
| Conversion price: | $7.50
|
| Warrants: | No
|
| Settlement date: | March 8
|
| Stock symbol: | OTCBB: VSUL
|
| Stock price: | $7.00 at close March 7
|
| Market capitalization: | $7.63 million
|
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