By Sheri Kasprzak
New York, July 14 - Data Systems & Software Inc. completed the first tranche of a $3.18 million private placement for $2,263,940.
The company has so far issued 854,317 shares at $2.65 each.
Each investor received warrants for 25% of the number of shares purchased, for a total of 213,580 shares. The warrants are exercisable for five years at $2.78 each.
Data Systems intends to raise another $916,060 from the deal before Aug. 11.
Located in Mahwah, N.J., Data Systems is a software consulting and development company.
| Issuer: | Data Systems & Software Inc.
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| Issue: | Stock
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| Amount: | $2,263,940
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| Shares: | 854,317
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| Price: | $2.65
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| Warrants: | For 213,580 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.78
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| Settlement date: | July 14 (for first tranche), Aug. 11 (for total deal)
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| Stock symbol: | OTCBB: DSSI
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| Stock price: | $2.92 at close July 13
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