Company sells series C participating convertible preferreds to Phoenix
By Devika Patel
Knoxville, Tenn., Jan. 6 - Communication Intelligence Corp. settled a private placement of convertible preferred stock with investor Phoenix Venture Fund LLC on Dec. 31, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced for $2.21 million on Dec. 9 and raised the full amount.
The company sold 2,210,500 series C participating convertible preferreds at $1.00 apiece. The preferreds rank senior to all outstanding capital shares in terms of dividends and liquidation preferences. The preferreds are convertible into common stock at an initial conversion price of $0.0225 per preferred share, a 55% discount to the Dec. 8 closing share price of $0.05.
Phoenix also received three-year warrants for 4,912,222 shares. The warrants are exercisable at $0.0225, also a 55% discount to the Dec. 8 closing share price.
Communication Intelligence is a software company focused on biometric signature verification and input software and is based in Redwood Shores, Calif.
| Issuer: | Communication Intelligence Corp.
|
| Issue: | Series C participating convertible preferred stock
|
| Amount: | $2,210,500
|
| Preferreds: | 2,210,500
|
| Price: | $1.00
|
| Conversion price: | $0.0225
|
| Conversion discount: | 55%
|
| Warrants: | For 4,912,222 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.0225
|
| Investor: | Phoenix Venture Fund LLC
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 31
|
| Stock symbol: | OTCBB: CICI
|
| Stock price: | $0.05 at close Dec. 8
|
| Market capitalization: | $7.7 million
|
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