By Sheri Kasprzak
New York, July 27 - Nestor, Inc. concluded a $4,950,500 private placement.
The company sold 8,532,403 shares at $0.5802 each.
As a condition to closing the placement, the holders of 75% of the company's outstanding 7% senior secured convertible notes and 66.67% of the holders of the company's 5% senior convertible notes agreed to waive anti-dilution provisions associated with the notes.
For the waiver, the strike price on the warrants associated with the notes was cut to $3.60 from $4.35.
Based in Providence, R.I., Nestor provides automated traffic enforcement systems to local and state governments.
| Issuer: | Nestor, Inc.
|
| Issue: | Stock
|
| Amount: | $4,950,500
|
| Shares: | 8,532,403
|
| Price: | $0.5802
|
| Warrants: | No
|
| Settlement date: | July 23
|
| Stock symbol: | Nasdaq: NEST
|
| Stock price: | $0.62 at close July 23
|
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