Investor Alara Capital AVI buys class C convertible preferred stock
By Devika Patel
Knoxville, Tenn., Feb. 20 - Giga-tronics Inc. said it plans a $500,000 private placement of its class C convertible preferred stock.
The company will sell about 3,425 preferreds at $146.00 apiece to Alara Capital AVI II, LLC. The preferreds are initially convertible into 342,465 common shares.
Based in San Ramon, Calif., Giga-tronics designs, manufactures and markets test and measurement equipment used in the development and maintenance of wireless communications products and systems, flight navigational equipment, electronic defense systems and automatic testing systems.
| Issuer: | Giga-tronics Inc.
|
| Issue: | Class C convertible preferred stock
|
| Amount: | $500,000
|
| Preferreds: | 3,425 (approximate)
|
| Price: | $146.00
|
| Conversion ratio: | Into 342,465 common shares
|
| Warrants: | No
|
| Investor: | Alara Capital AVI II, LLC
|
| Pricing date: | Feb. 20
|
| Stock symbol: | Nasdaq: GIGA
|
| Stock price: | $1.58 at close Feb. 19
|
| Market capitalization: | $7.14 million
|
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