By Sheri Kasprzak
New York, Dec. 20 - QSGI Inc. said it concluded a private placement of series A convertible preferred stock for $4.3 million.
The company sold 143,333 shares of the preferreds at $30.00 each.
Each of the 6% preferreds is convertible into roughly 13.33 common shares at $2.25 each.
Proceeds will be used for the company's growth strategy within the data security and compliance division.
Pike Capital Partners, LP and Guerilla Partners LP were the lead investors.
Based in Hightstown, N.J., QSGI is a data security firm with corporate and government clients.
| Issuer: | QSGI Inc.
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| Issue: | Series A convertible preferred stock
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| Amount: | $4.3 million
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| Shares: | 143,333
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| Price: | $30.00
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| Dividends: | 6%
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| Conversion price: | $2.25
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| Conversion ratio: | Each preferred into 13.33 common shares
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| Warrants: | No
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| Investors: | Pike Capital Partners, LP (co-lead), Guerilla Partners LP (co-lead)
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| Settlement date: | Dec. 20
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| Stock price: | $1.50 at close Dec. 19
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