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Published on 9/19/2012 in the Prospect News PIPE Daily.

Adept Technology wraps $8 million placement of convertible preferreds

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

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