Medis greenshoe exercised, $4 million privately placed, convertibles offering climbs to $49 million

By Jennifer Chiou

New York, Aug. 3 - Medis Technologies Ltd. said its $7 million greenshoe was exercised in full, lifting its offering of 6% senior convertible notes due 2010 to $49 million.

Included in the amount are private placements to qualified institutional buyers for an additional $4 million.

Medis originally offered $38 million of the convertibles with a 10% initial conversion premium via McMahan Securities Co., LP in a Rule 144A sale. The securities were priced July 21.

The New York holding company designs and develops liquid fuel cell products for portable electronic devices.

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 as well as for working capital and general corporate purposes.

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