Company sells 8,000 preferreds at $1,000 apiece to Hale Capital
By Devika Patel
Knoxville, Tenn., Sept. 19 - Adept Technology, Inc. completed an $8 million private placement of convertible preferred stock with Hale Capital Partners, LP on Sept. 18, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal was announced as an $11 million offering on Sept. 6 and priced Sept. 5.
The company sold 8,000 preferreds at $1,000.00 per preferred. They are initially convertible into common stock at $4.60 per share, a 7.98% premium to the Sept. 4 closing share price of $4.26.
The company may force conversion of up to 10% of the preferreds and holders may put the preferreds.
Proceeds will be used for general corporate purposes, including growth of the company's mobile and packaging business and possible debt reduction.
Based in Livermore, Calif., Adept designs robotic systems, motion control and machine vision technology for automobiles, consumer electronics and medical applications, among other things.
Issuer: | Adept Technology, Inc.
|
Issue: | Convertible preferred stock
|
Amount: | $8 million
|
Shares: | 8,000
|
Price: | $1,000.00
|
Conversion price: | $4.60
|
Call: | Up to 10%
|
Put: | Yes
|
Warrants: | No
|
Investor: | Hale Capital Partners, LP (for $9.5 million)
|
Pricing date: | Sept. 5
|
Announcement date: | Sept. 6
|
Settlement date: | Sept. 18
|
Stock symbol: | Nasdaq: ADEP
|
Stock price: | $4.26 at close Sept. 4
|
Market capitalization: | $40.34 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.