LightPath executes conversion agreement for 8% convertibles due 2013

Company issues 589,290 shares for conversion, 559,448 incentive shares

By Devika Patel

Knoxville, Tenn., March 27 - LightPath Technologies, Inc. negotiated an early conversion agreement with the holders of 93.1% of its 8% senior secured convertible debentures, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The debentures were sold on Aug. 1, 2008 and were due Aug. 1, 2013.

The company issued 589,290 common shares for the conversion and an additional 559,448 shares as an incentive to convert early. The notes were converted at $1.54 per share.

The investors who elected to convert were Steven Brueck, J. James Gaynor, Louis Leeburg, Robert Ripp, Gary Silverman and Berg & Berg Enterprises, LLC.

The remaining debenture holder who did not participate in the conversion agreement will be paid $75,000, which is the principal amount due under that debenture, by March 28.

LightPath is based in Orlando, Fla., and produces optical networking items for the telecommunications industry.

© 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.