By Sheri Kasprzak
New York, April 12 - Wherify Wireless, Inc. received $4,585,600 from the exercise of an option by holders of $1.2 million in 10% senior convertible promissory notes issued in February.
The company sold 5,732 shares of series A convertible preferred stock at $800 each to the holders of the notes.
The preferreds are convertible into common shares at $0.125 each.
The notes, issued Feb. 22, are due Feb. 15, 2008 and included an option to buy up to $7.5 million in series A convertible preferreds.
Based in San Mateo, Calif., Wherify develops personal global positioning service tracking devices.
| Issuer: | Wherify Wireless, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $4,585,600
|
| Shares: | 5,732
|
| Price: | $800
|
| Dividends: | 10%
|
| Conversion price: | $0.125
|
| Warrants: | No
|
| Settlement date: | April 11
|
| Stock symbol: | OTCBB: WFYW
|
| Stock price: | $0.18 at close April 11
|
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