By Sheri Kasprzak
Atlanta, Jan. 11 - Occam Networks Inc. finished a private placement for $5,275,000.
The company sold series A-2 preferred stock to investors including Alta Partners, U.S. Venture Partners, Norwest Ventures and New Enterprise Associates. About 527,500 preferreds were sold at $10 each.
The preferreds are convertible into 90.9 common shares at $0.11 each.
The series A-2 preferreds have a liquidation preference equal to 150% of the original purchase price.
The deal was a reopening of the offering originally sold between November 2003 and April 2004.
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
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| Amount: | $5,275,000
|
| Shares: | 527,500
|
| Price: | $10
|
| Conversion price: | $0.11
|
| Conversion ratio: | 90.9 common shares
|
| Warrants: | No
|
| Investors: | Alta Partners, U.S. Venture Partners, Norwest Ventures and New Enterprise Associates
|
| Settlement date: | Jan. 11
|
| Stock price: | $0.094 at close Jan. 11
|
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