Investors buy12,000 series E convertible preferreds at $1,000.00 each
By Devika Patel
Knoxville, Tenn., Jan. 30 – ImageWare Systems, Inc. said it will conduct a $12 million registered direct offering of series E convertible preferred stock. Of the preferreds to be issued, $2 million will be swapped for an equal amount of debt.
The company will sell 12,000 preferreds at $1,000.00 apiece.
Each preferred will convert into 526.32 common shares at $1.90 per share. The conversion price is a 1.06% premium to the Jan. 29 closing share price of $1.88.
Settlement is expected Feb. 4.
Proceeds will be used for research and development, working capital, debt repayment and other general corporate purposes. Upon completion of the offering, the company will have no debt.
San Diego-based ImageWare provides software-based identity management solutions.
| Issuer: | ImageWare Systems, Inc.
|
| Issue: | Series E convertible preferred stock
|
| Amount: | $12 million
|
| Preferreds: | 12,000
|
| Price: | $1,000.00
|
| Conversion price: | $1.90
|
| Conversion ratio: | Into 526.32 common shares (per preferred)
|
| Warrants: | No
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 4
|
| Stock symbol: | OTCBB: IWSY
|
| Stock price: | $1.88 at close Jan. 29
|
| Market capitalization: | $172.8 million
|
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