By Devika Patel
Knoxville, Tenn., Oct. 6 - Irvine Sensors Corp. took in $2.44 million in a private placement of its series B convertible preferred stock on Sept. 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The preferreds were sold in units at a purchase price of $700.00 per unit, with each of the 3,490 units consisting of one preferred and a five-year warrant for 30% of the common shares into which each preferred is convertible.
The warrants are exercisable at $0.55.
Each preferred is convertible into 2,000 common shares at $0.50 per share.
J.P. Turner & Co. was the agent.
Based in Costa Mesa, Calif., Irvine Sensors produces technologies for three-dimensional imaging.
| Issuer: | Irvine Sensors Corp.
|
| Issue: | Units of one series B convertible preferred share and a warrant for 30% of the shares into which the preferreds are convertible
|
| Amount: | $2,443,000
|
| Units: | 3,490
|
| Price: | $700.00
|
| Warrants: | 30% coverage
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.55
|
| Agent: | J.P. Turner & Co.
|
| Settlement date: | Sept. 30
|
| Stock symbol: | Nasdaq: IRSN
|
| Stock price: | $0.55 at close Sept. 30
|
| Market capitalization: | $4 million
|
|
|
| Preferreds
|
| Conversion price: | $0.50
|
| Conversion ratio: | Into 2,000 shares (per preferred)
|
© 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.
