Offering with investor UTA Capital also includes 12% warrant coverage
By Devika Patel
Knoxville, Tenn., July 18 - Lapis Technologies Inc. completed a $6 million secured promissory note placement with UTA Capital LLC on July 12, according to an 8-K filed Monday with the Securities and Exchange Commission.
UTA agreed to purchase a $3 million 30-month 8% secured promissory note in the initial tranche. UTA also agreed to purchase a $3 million 27-month secured promissory note in a second closing, which is expected in nine months. The notes are identical with the exception of their maturities.
UTA also will receive 12% warrant coverage.
Proceeds will be used as working capital.
The New York company makes various military and airborne systems, simulators, automatic test equipment, electronic components and products.
| Issuer: | Lapis Technologies Inc.
|
| Issue: | Secured promissory note
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| Amount: | $6 million
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| Maturity: | 30 months (for $3 million), 27 months (for $3 million)
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| Coupon: | 8%
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| Warrants: | 12% coverage
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| Investor: | UTA Capital LLC
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| Settlement date: | July 12
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| Stock symbol: | Pink Sheets: LPST
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| Stock price: | $1.11 at close July 12
|
| Market capitalization: | $7.2 million
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