By Devika Patel
Knoxville, Tenn., Aug. 21 - LECG Corp. gave further details on a $25 million private placement of its 7.5% series A convertible redeemable preferred stock in an 8-K filed Friday with the Securities and Exchange Commission. The deal was announced on Aug. 18.
The company will sell 6,313,131 preferreds at $3.96 apiece to Great Hill Partners.
The preferreds have an initial conversion price of $3.96, a 10.6% premium.
Emeryville, Calif.-based LECG delivers independent expert testimony and original authoritative studies in both adversarial and non-adversarial environments.
| Issuer: | LECG Corp.
|
| Issue: | Series A convertible redeemable preferred stock
|
| Amount: | $25 million
|
| Shares: | 6,313,131
|
| Price: | $3.96
|
| Dividends: | 7.5%
|
| Conversion price: | $3.96
|
| Conversion premium: | 10.6%
|
| Warrants: | No
|
| Investor: | Great Hill Partners
|
| Pricing date: | Aug. 18
|
| Stock symbol: | Nasdaq: XPRT
|
| Stock price: | $3.53 at close Aug. 17
|
| Market capitalization: | $87.1 million
|
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