M-Wave series B preferred holders agree to waive dividends through 2009

By Devika Patel

Knoxville, Tenn., July 31 - M-Wave, Inc. said in an 8-K filed Thursday with the Securities and Exchange Commission that it has amended its agreement with the holders of its series B preferred stock.

The parties agreed to waive all past and future dividends, beginning retroactively on Jan. 1, 2008 and continuing to Dec. 31, 2009.

The total amount of dividends waived, assuming that all the series B preferreds remain outstanding, are approximately $2.12 million.

In consideration for the dividend waivers, the investors received 440,000 warrants, which are exercisable at $0.16 per share for two years.

Based in Franklin Park, Ill., M-Wave provides supply chain services and sources printed circuit boards, electronic parts and equipment domestically and from Asia.

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