By Sheri Kasprzak
New York, Jan. 17 - Auto Underwriters of America, Inc. concluded a $2,102,500 private placement.
The company sold 420,500 units at $5.00 each.
The units included two shares of series A convertible preferred stock and one warrant.
The 8% preferreds are convertible into common shares at $2.50 each.
The warrants are exercisable at $5.00 each for five years.
The offering was conducted from Oct. 16, 2006 through Jan. 12, 2007.
Based in San Mateo, Calif., Auto Underwriters provides financing programs to automobile dealerships.
| Issuer: | Auto Underwriters of America, Inc.
|
| Issue: | Units of two shares of series A convertible preferred stock and one warrant
|
| Amount: | $2,102,500
|
| Units: | 420,500
|
| Price: | $5.00
|
| Dividends: | 8%
|
| Conversion price: | $2.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.00
|
| Settlement date: | Jan. 12
|
| Stock symbol: | OTCBB: ADWT
|
| Stock price: | $2.80 at close Jan. 12
|
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