Preferreds sold with five-year warrants for 1,416,667 common shares
By Devika Patel
Knoxville, Tenn., Jan. 22 – Inventergy Global, Inc. said it will raise about $2.5 million in a private placement of series C convertible preferred stock. Chardan Capital Markets is the agent.
The preferreds will be convertible into about 1,666,667 common shares at a conversion price of $1.50. The company may redeem the preferreds at premiums ranging from 26% to 50%.
The investors also will receive warrants for 1,416,667 common shares. The warrants are each exercisable at $1.79 for five years.
The strike price and conversion price are a 0.56% premium and a 15.73% discount to the $1.78 closing share price on Jan. 21.
Settlement is expected Jan. 26.
Proceeds will be used for working capital and paying obligations.
The communications technology company is based in Campbell, Calif.
| Issuer: | Inventergy Global, Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $2.5 million (approximate)
|
| Conversion price: | $1.50
|
| Conversion ratio: | Into about 1,666,667 common shares
|
| Call: | At premiums ranging from 26% to 50%
|
| Warrants: | For 1,416,667 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.79
|
| Agent: | Chardan Capital Markets
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 26
|
| Stock symbol: | Nasdaq: INVT
|
| Stock price: | $1.78 at close Jan. 21
|
| Market capitalization: | $7.13 million
|
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