12% two-year promissory notes convert to stock at $0.0025 per share
By Devika Patel
Knoxville, Tenn., Nov. 18 – Optex Systems Holdings, Inc. negotiated a $2.1 million private placement of convertible promissory notes on Nov. 17, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It raised $1.55 million at pricing.
The 12% note is due in two years, and is convertible into common shares at $0.0025 per share, which is a 75% discount to the Nov. 14 closing share price of $0.01. The convertible may be prepaid at 125.
Proceeds will be used for the completion and deployment of the X-Train's first prototype passenger cars.
The Richardson, Texas, company manufactures optical sighting systems and assemblies primarily for Department of Defense applications.
| Issuer: | Optex Systems Holdings, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $2.1 million
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Conversion price: | $0.0025
|
| Call: | At 125
|
| Warrants: | No
|
| Pricing date: | Nov. 17
|
| Settlement date: | Nov. 17 (for $1.55 million)
|
| Stock symbol: | OTCBB: OPXS
|
| Stock price: | $0.01 at close Nov. 14
|
| Market capitalization: | $2.05 million
|
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