1,233,000 series D convertible preferred units were sold at $1.00 each
By Devika Patel
Knoxville, Tenn., March 30 – Communication Intelligence Corp. settled a $1.23 million private placement of units on March 24, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 1,233,000 units of one series D-1 convertible preferred share and a warrant for 22.22 shares at $1.00 per unit.
The series D-1 preferreds are convertible into common stock at an initial conversion price of $0.0225 per share. The conversion price is a 12.5% premium to the March 23 closing share price of $0.02.
The warrants are each exercisable at $0.0225 for three years. The strike price also reflects a 12.5% premium to the March 23 closing share price. The warrants convert into a total of 27.4 million common shares.
Proceeds will be used as working capital.
The supplier of electronic signature services for business process automation and in biometric signature verification technology is based in Redwood Shores, Calif.
| Issuer: | Communication Intelligence Corp.
|
| Issue: | Units of one series D-1 convertible preferred share and a warrant for 22.22 shares
|
| Amount: | $1,233,000
|
| Units: | 1,233,000
|
| Price: | $1.00
|
| Conversion price: | $0.0225
|
| Conversion premium: | 12.5%
|
| Warrants: | One warrant for 22.22 shares per unit (for a total of 27.4 million common shares)
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.0225
|
| Settlement date: | March 24
|
| Stock symbol: | OTCBB: CICI
|
| Stock price: | $0.02 at close March 23
|
| Market capitalization: | $4.1 million
|
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