By Sheri Kasprzak
New York, Nov. 8 - Global ePoint, Inc. said it has concluded a private placement of series D convertible preferred stock.
The 6% preferreds are convertible into common shares at $4.16 each and were sold to institutional investors.
The investors received warrants for 721,157 shares, exercisable at $4.33 each.
Global ePoint must begin redeeming the preferreds in August of 2006 at a price equal to the offering price plus dividends.
H.C. Wainwright & Co., Inc. was the placement agent.
Proceeds will be used for working capital and general corporate purposes.
Based in City of Industry, Calif., Global ePoint makes digital surveillance devices for aviation, law enforcement and the commercial and industrial markets.
| Issuer: | Global ePoint, Inc.
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| Issue: | Series D convertible preferred stock
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| Amount: | $6 million
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| Dividends: | 6%
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| Conversion price: | $4.16
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| Call: | Must be redeemed beginning August 2006 at par plus dividends
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| Warrants: | For 721,157 shares
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| Warrant strike price: | $4.33
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| Placement agent: | H.C. Wainwright & Co., Inc.
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| Settlement date: | Nov. 7
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| Stock price: | $3.33 at close Nov. 7
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