Glowpoint exchanges $9.74 million of series B-1 preferreds held by GPI

By Toni Weeks

San Luis Obispo, Calif., Aug. 16 - Glowpoint, Inc. completed an exchange transaction with GP Investment Holdings, LLC on Aug. 9, according to a press release.

The company exchanged 95 shares of its series B-1 preferred shares held by GPI for 6,333,333 Glowpoint common shares.

The 95 preferreds had a liquidation preference of $9,736,000 at closing and were exchanged into common shares at an effective conversion price of $1.54.

Following the exchange transaction, GPI holds 15,276,138 common shares, including the common shares from the exchange transaction and 8,924,805 additional shares purchased in a private transaction.

"We were very pleased to execute the exchange transaction, as we believe this benefits the company and our common stockholders by reshaping and simplifying our capital structure, retiring $9,736,000 of liquidation preference, eliminating the dividends on this preferred stock and adding stable long-term investors.

Murray Hill, N.J.-based Glowpoint is a provider of cloud-based video collaboration, network and support services.

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