By Sheri Kasprzak
New York, April 19 - Wherify Wireless, Inc. settled the last tranche of its previously announced private placement for $1.4 million, bringing to $5,985,600 the total proceeds raised from the deal.
The series A convertible preferred shares were sold as part of an option exercised by holders of $1.2 million in 10% senior convertible promissory notes issued in February.
The company most recently sold 1,750 shares of the preferred stock at $800 each.
On April 12, the company sold 5,732 shares of the preferreds for $4,585,600.
The 10% preferreds are convertible 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: | $5,985,600
|
| Shares: | 7,482
|
| Price: | $800
|
| Dividends: | 10%
|
| Conversion price: | $0.125
|
| Warrants: | No
|
| Settlement date: | April 12 (for $4,585,600); April 19 (for $1.4 million)
|
| Stock symbol: | OTCBB: WFYW
|
| Stock price: | $0.23 at close April 18
|
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