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New Issue: Medis Technologies sells $38 million 6% senior convertibles
By Jennifer Chiou
New York, July 25 - Medis Technologies Ltd. said it has priced $38 million of 6% senior convertible notes due 2010.
The company is offering a $7 million greenshoe for the 30 days following the date of the Rule 144A offering.
Proceeds will be used for the construction, start-up and other costs related to a fully automated manufacturing line for the company's fuel cell products and for working capital and general corporate purposes.
Medis, a New York holding company that designs and develops liquid fuel cell products for portable electronic devices, saw its stock close down $0.45 at $16.28.
In January, the company raised $3.08 million in a private placement of 220,000 shares at $14.00 apiece. Since April 1 it has raised a further $1,000,009 by selling 83,543 shares at $11.97.
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