By Sheri Kasprzak
Atlanta, March 24 - Occam Networks Inc. said it raised $5,459,790 in a private placement of series A-2 preferred stock.
The company sold 545,979 shares of the preferred stock at $10.00 each to existing investors and Tellabs Inc.
The preferreds are convertible into common shares at $0.11 each.
Tellabs bought 200,000 shares of the preferreds, Alta Partners bought 75,000 shares, U.S. Venture Partners bought 60,000 shares, Northwest Venture Partners bought 112,500 shares and New Enterprises Associates bought 45,000 shares.
In order to facilitate the offering, Crescent Venture Investors converted the principal of a $500,000 promissory note into 53,479 shares of series A-2 preferred stock.
Based in Santa Barbara, Calif., Occam provides Ethernet and IP-based loop carrier equipment to telecommunications companies.
| Issuer: | Occam Networks Inc.
|
| Issue: | Series A-2 preferred stock
|
| Amount: | $5,459,790
|
| Shares: | 545,979
|
| Price: | $10.00
|
| Conversion price: | $0.11
|
| Warrants: | No
|
| Investors: | Tellabs Inc.; Alta Partners; U.S. Venture Partners; New Enterprises Associates
|
| Settlement date: | March 23
|
| Stock price: | $0.145 at close March 23
|
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