By Sheri Kasprzak
New York, June 1 - Touchstone Applied Science Associates Inc. concluded a $7.5 million private placement of series A-1 convertible preferred stock.
Camden Partners Strategic Fund III, LP and Camden Partners Strategic Fund III-A, LP bought 1,666,667 shares of the preferreds at $4.50 each.
The conversion terms of the preferreds could not be determined Thursday afternoon.
The proceeds will be used for the purchase price related to its acquisition of Questar Educational Systems, Inc.
Under the terms of the acquisition, Touchstone paid $20 million with $15 million paid in cash and the rest paid in 222,222 shares of series A-2 convertible preferreds and $4 million in a subordinated promissory note.
The 6% note matures in five years.
Touchstone, based in Brewster, N.Y., provides consulting services to states, school districts and textbook publishers to develop assessment tests.
| Issuer: | Touchstone Applied Science Associates Inc.
|
| Issue: | Series A-1 convertible preferred stock
|
| Amount: | $7.5 million
|
| Shares: | 1,666,667
|
| Price: | $4.50
|
| Warrants: | No
|
| Investors: | Camden Partners Strategic Fund III, LP and Camden Partners Strategic Fund III-A, LP
|
| Settlement date: | May 31
|
| Stock symbol: | OTCBB: TASA
|
| Stock price: | $2.75 at close May 31
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
