By Sheri Kasprzak
New York, Nov. 21 - SuperCom, Ltd. wrapped a private placement for $3.15 million.
The company sold units of convertible bonds and warrants to Special Situations Fund and another investor. The investors received warrants for a total of 789,141 shares.
The 8% bonds are due in three years and are convertible into common shares at $0.85 each.
Each warrant is exercisable at $0.85 each for five years.
Proceeds will be used to develop the company's Incident Response Management System and ActiveRF businesses.
Based in Qadima, Israel, SuperCom develops tracking and identification technologies for public safety used by emergency medical personnel, governments and corporations.
| Issuer: | SuperCom, Ltd.
|
| Issue: | Units of convertible bonds and warrants
|
| Amount: | $3.15 million
|
| Maturity: | Three years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.85
|
| Warrants: | For 789,141 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.85
|
| Investors: | Special Situations Fund, another investor
|
| Settlement date: | Nov. 21
|
| Stock symbol: | OTCBB: SPCBF
|
| Stock price: | $0.895 at close Nov. 21
|
© 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.
