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Access Integrated says holders of $7.6 million in debentures agree to conversion
By Sheri Kasprzak
New York, Aug. 31 - Access Integrated Technologies, inc. said the holders of $7.6 million in convertible debentures have agreed to convert all of the outstanding debentures and exercise all related warrants.
The four-year debentures will convert into a total of 1,867,322 class A common shares at $4.07 each.
The outstanding warrants associated with the deal - for 560,197 shares - will be exercised at $4.44 each.
Connected to the conversion, the investors were granted 71,359 shares and warrants for 760,196 shares. The warrants are exercisable at $11.39 each.
The 7% debentures were issued on Feb. 11, 2005 to partially pay for the acquisition of the Pavilion Theater in Brooklyn, N.Y.
Based in Morristown, N.J., Access Integrated is a storage and delivery service provider for owners and distributors of movie theaters and other venues.
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