Apogee Technology reduces warrant strike price in August PIPE

By Sheri Kasprzak

New York, Dec. 7 - Apogee Technology, Inc. said it dropped the exercise price on warrants it issued in a private placement of a convertible note in August.

The strike price was reduced to $1.15 from $1.22 on the 85,000 warrants.

On Aug. 11, the warrants were issued to Laurus Master Fund, Ltd. as part of its $2 million private placement of convertible notes. The notes, which bear interest at Prime plus 200 basis points, are convertible into shares at $1.05 each.

Based in Norwood, Mass., Apogee produces digital audio amplifier chips. On Wednesday, the company's stock dropped $0.05 to end at $0.85.

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