By Devika Patel
Knoxville, Tenn., Feb. 23 - Neonode Inc. arranged a $1 million convertible loan on Jan. 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The loan will bear interest at 7% per year and will mature on Dec. 31, 2010.
Investors may convert the loan into common shares at $0.02 per share.
The investors also received warrants. Each warrant is exercisable at $0.04 for three years.
Neonode is a user-experience technology company with offices in San Ramon, Calif., and Stockholm.
| Issuer: | Neonode Inc.
|
| Issue: | Convertible loan
|
| Amount: | $1 million
|
| Maturity: | Dec. 31, 2010
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | $0.02
|
| Warrants: | Yes
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.04
|
| Pricing date: | Jan. 18
|
| Stock symbol: | Nasdaq: NEON
|
| Stock price: | $0.0625 at close Jan. 18
|
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