By Sheri Kasprzak
New York, Jan. 29 - Asia Time Corp. closed a $2,256,246 private placement of series A convertible preferred stock as part of a share exchange agreement.
The company issued 1,749,028 shares of preferred stock at $1.29 each.
The preferreds are convertible into common shares at $1.29 each.
The preferreds will automatically convert if the company's stock exceeds $3.00 for more than 10 consecutive trading days.
The offering was conducted as part of Asia Time's share exchange with Times Manufacture & E-Commerce Corp. Ltd. Under the exchange, Asia Time became the parent company of Times Manufacture.
Based in Hong Kong, Asia Time distributes watch movement components.
| Issuer: | Asia Time Corp.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $2,256,246
|
| Shares: | 1,749,028
|
| Price: | $1.29
|
| Conversion price: | $1.29
|
| Call: | Will automatically convert if stock exceeds $3.00 for more than 10 consecutive trading days
|
| Warrants: | No
|
| Settlement date: | Jan. 23
|
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