By Sheri Kasprzak
Atlanta, Nov. 30 - TTI Telecom International Ltd. said Tuesday it has received agreements for $14.6 million in convertible preferred stock.
The company sold to institutional investors 6,636,391 shares of series A convertible preferreds.
The preferreds are convertible into common shares at $2.20 each, and holders of the preferreds will be given a warrant to buy 0.4 common shares at $2.50 for each preferred owned.
Oppenheimer & Co. Inc was placement agent in the deal, which is subject to shareholder approval. The next shareholder meeting is scheduled for Dec. 29.
On Tuesday, the company also released its third-quarter earnings statement. The company reported revenues of $7.2 million, down from $11 million for the third quarter of 2003. It incurred an operating loss of $9.9 million, less than its operating loss of $13.4 million in the same quarter last year.
Based in Petach Tikva, Israel, TTI is a software provider for telecom service companies.
| Issuer: | TTI Telecom International Ltd.
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| Issue: | Series A convertible preferred stock
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| Amount: | $14.6 million
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| Shares: | 6,636,391
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| Conversion price: | $2.20
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| Warrants: | For 0.4 shares for each preferred owned
|
| Warrant strike price: | $2.50
|
| Announcement date: | Nov. 30
|
| Stock price: | $2.51 at close Nov. 29
|
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