Purchase price discounted 5% in agreement with Dutchess Opportunity
By Devika Patel
Knoxville, Tenn., March 15 - Logic Devices Inc. arranged an investment agreement with Dutchess Opportunity Fund, II, LP on March 10, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The $5 million deal will span three years.
Dutchess will buy shares over three years in tranches of up to 200% of the average daily volume of the common stock for the three consecutive trading days preceding the put notice or $100,000.
The purchase price will be 95% of a recent average market price at settlement.
The Sunnyvale, Calif., company develops and markets digital integrated circuits and integrated modules that perform storage and signal/image processing functions.
| Issuer: | Logic Devices Inc.
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| Issue: | Investment agreement
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| Amount: | $5 million
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| Tenor: | Three years
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| Price: | 5% discount
|
| Warrants: | No
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| Investor: | Dutchess Opportunity Fund, II, LP
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| Pricing date: | March 10
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| Stock symbol: | Pink Sheets: LOGC
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| Stock price: | $0.64 at close March 10
|
| Market capitalization: | $4.63 million
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