By Sheri Kasprzak
Atlanta, May 10 - HEI, Inc. said it has raised $3,393,988 in a private placement of convertible preferred stock.
The company sold 130,538 shares of preferreds at $26.00 each to institutional and accredited investors.
Each preferred share is convertible into 10 common shares. If all the preferreds are converted, the company will issue a total of 1,305,380 common shares.
The preferreds do not pay annual dividends.
The investors also received warrants for up to 522,152 shares, exercisable at $3.05 each for five years.
Think Equity Partners LLC was the financial adviser in the deal.
Based in Minneapolis, HEI makes microelectronics and other technologies for companies in the medical equipment and medical device industry. The proceeds will be used for working capital.
| Issuer: | HEI, Inc.
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| Issue: | Convertible preferred stock
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| Amount: | $3,393,988
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| Shares: | 130,538
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| Price: | $26.00
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| Conversion ratio: | Each preferred into 10 common shares
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| Warrants: | For 522,152 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $3.05
|
| Financial adviser: | Think Equity Partners LLC
|
| Settlement date: | May 10
|
| Stock price: | $2.77 at close May 9
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