By Devika Patel
Knoxville, Tenn., April 2 - LoopNet, Inc. raised $50 million in a private placement of its series A convertible preferred stock on March 29, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 50,000 preferreds at $1,000.00 apiece.
The preferreds are convertible into 7,440,476 common shares at $6.72 per share.
The company may redeem the preferreds at 101 under certain circumstances. The holders may force redemption after six years.
San Francisco-based LoopNet an online marketplace for commercial real estate.
| Issuer: | LoopNet, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $50 million
|
| Shares: | 50,000
|
| Price: | $1,000.00
|
| Conversion price: | $6.72
|
| Conversion ratio: | Into 7,440,476 common shares
|
| Warrants: | No
|
| Settlement date: | March 29
|
| Stock symbol: | Nasdaq: LOOP
|
| Stock price: | $6.11 at close March 27
|
| Market capitalization: | $236 million
|
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