By Devika Patel
Knoxville, Tenn., March 24 - Wireless Ronin Technologies, Inc. arranged a $2.5 million revolving line of credit with Silicon Valley Bank on March 18, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The revolver will bear interest at Prime plus 150 basis points and will mature on March 17, 2011.
The bank also received warrants for 41,391 shares, which are exercisable at $2.90 for 10 years.
Minnetonka, Minn.-based Wireless Ronin provides digital signage products to retail and service markets.
| Issuer: | Wireless Ronin Technologies, Inc.
|
| Issue: | Revolving line of credit
|
| Amount: | $2.5 million
|
| Maturity: | March 17, 2011
|
| Coupon: | Prime plus 150
|
| Price: | Par
|
| Yield: | Prime plus 150
|
| Warrants: | For 41,391 shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $2.90
|
| Investor: | Silicon Valley Bank
|
| Settlement date: | March 18
|
| Stock symbol: | Nasdaq: RNIN
|
| Stock price: | $2.30 at close March 18
|
| Market capitalization: | $38.4 million
|
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