Warp Technology to raise $10 million in convertible preferreds offering

By Sheri Kasprzak

New York, Jan. 18 - Warp Technology Holdings, Inc. said it has agreed to sell $10 million in series F convertible preferred stock.

The full details of the offering could not be determined Wednesday.

The investors in the offering have the option to buy up to $10 million in common stock at the lesser of $2.00 or a 20% discount to the company's market price for 30 consecutive trading days.

Separately, Warp issued $700,000 in 10% convertible promissory notes. The notes are convertible into series E preferreds at $1.25 each.

The investors will receive warrants equal to 40% of the series E shares they receive upon conversion.

Based in Greenwich, Conn., and operating under the name Halo Technology Holdings, Inc., Warp Technology makes software to speed the delivery of web-based content.

On Wednesday, the company's stock fell $0.035 to close at $1.265 (OTCBB: WARP).

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