New Issue: Harvey Electronics wraps $4 million convertible preferreds sale

By Sheri Kasprzak

New York, April 18 - Harvey Electronics, Inc. said it completed a $4 million private placement of 8% series B convertible preferred stock with a group of investors led by Trinity Investment Partners LLC.

The preferreds are convertible into a total of 5,785,714 common shares at $0.70 each.

The investors will also receive warrants for 1,714,285 shares, exercisable at $1.40 each for seven years.

The investors in the offering, in addition to Trinity, were DKR SoundShore Oasis Fund Ltd., Harborview Master Fund L.P., Scott Galloway, David Andrew Stackpole, Arnold E. Spangler, Charles M. Berger, Ronald L. Jones, Peter N. Larson and Pamela Singleton.

vFinance Investments, Inc. was the placement agent.

Proceeds from the deal will be used for the refurbishment of existing stores, as well as for working capital and general corporate purposes.

Located in Lyndhurst, N.J., Harvey operates a chain of retail electronics outlet.

Issuer:	Harvey Electronics, Inc.
Issue:	Series B convertible preferred stock
Amount:	$4 million
Dividend:	8%
Conversion price:	$0.70
Conversion ratio:	Into a total of 5,785,714 common shares
Warrants:	For 1,714,285 shares
Warrant expiration:	Seven years
Warrant strike price:	$1.40
Placement agent:	vFinance Investments, Inc.
Investor:	Trinity Investment Partners LLC (lead), DKR SoundShore Oasis Fund Ltd., Harborview Master Fund L.P., Scott Galloway, David Andrew Stackpole, Arnold E. Spangler, Charles M. Berger, Ronald L. Jones, Peter N. Larson, Pamela Singleton
Settlement date:	April 17
Stock symbol:	Nasdaq: HRVE
Stock price:	$0.70 at close April 17

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