By Sheri Kasprzak
New York, March 7 - M-Wave, Inc. said it has exchanged $4,564,800 in debt for the same amount of series B convertible preferred stock.
The company issued 45,648 shares of the preferreds at $100.00 to Mercator Momentum Fund, LP; Mercator Momentum Fund III, LP; and Monarch Pointe Fund, Ltd.
The offering cancelled $4,564,800 in debt held by the investors.
The preferreds pay annual dividends at 15% initially, reducing to 9% after a registration statement is declared effective by the Securities and Exchange Commission.
The preferreds are convertible into common shares at $0.79 each.
Based in Franklin Park, Ill., M-Wave provides supply chain services and sources printed circuit boards, electronic parts and equipment domestically and from Asia.
| Issuer: | M-Wave, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $4,564,800
|
| Shares: | 45,648
|
| Price: | $100.00
|
| Dividends: | 15% initially, 9% after registration statement is declared effective
|
| Conversion price: | $0.79
|
| Warrants: | No
|
| Investors: | Mercator Momentum Fund, LP; Mercator Momentum Fund III, LP; and Monarch Pointe Fund, Ltd.
|
| Settlement date: | March 1
|
| Stock symbol: | Nasdaq: MWAV
|
| Stock price: | $0.68 at close March 1
|
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