By Sheri Kasprzak
New York, Nov. 21 - Therma-Wave, Inc. said it has received definitive agreements for a $10.4 million private placement.
Two of the company's largest institutional investors, North Run Capital, LP and Deephaven Capital Management LLC, agreed to buy 10,400 shares of series B convertible preferred stock at $1,000 each.
The 6% preferreds are convertible into common shares at $1.55 each.
The investors will also receive warrants for 1.56 million shares, exercisable at $1.55 each through 2010.
The deal is expected to close Nov. 23.
Needham & Co., LLC was the placement agent.
Proceeds will be used for general corporate purposes.
Based in Fremont, Calif., Therma-Wave provides control and metrology systems to semiconductor manufacturers.
| Issuer: | Therma-Wave, Inc.
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| Issue: | Series B convertible preferred stock
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| Amount: | $10.4 million
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| Shares: | 10,400
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| Price: | $1,000
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| Dividends: | 6%
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| Conversion price: | $1.55
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| Warrants: | For 1.56 million shares
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| Warrant expiration: | 2010
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| Warrant strike price: | $1.55
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| Investors: | North Run Capital, LP and Deephaven Capital Management LLC
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| Placement agent: | Needham & Co., LLC
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| Announcement date: | Nov. 21
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| Settlement date: | Nov. 23
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| Stock price: | $1.40 at close Nov. 18
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