5.19 million series A convertible preferred shares sold at $1.00 each
By Devika Patel
Knoxville, Tenn., Aug. 22 – Wireless Ronin Technologies, Inc. completed a $5.19 million private placement of 6% series A convertible preferred stock on Aug. 18, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 5.19 million preferreds at $1.00 apiece, which is a 66.67% premium to the Aug. 15 closing share price of $0.60. Each of the preferreds is initially convertible into common stock at $0.40 per share, a 33.33% discount to the Aug. 15 closing share price.
The company may call or redeem the preferreds after three years.
Investors also received five-year warrants for 6,487,000 shares, which are each exercisable at $0.50. The strike price is a 16.67% discount to the Aug. 15 closing share price.
Minnetonka, Minn.-based Wireless Ronin provides digital signage products to retail and service markets.
| Issuer: | Wireless Ronin Technologies, Inc.
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| Issue: | Series A convertible preferred stock
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| Amount: | $5.19 million
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| Preferreds: | 5.19 million
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| Price: | $1.00
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| Dividends: | 6%
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| Conversion price: | $0.40
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| Call: | After three years
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| Warrants: | For 6,487,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.50
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| Settlement date: | Aug. 18
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| Stock symbol: | OTCBB: RNIN
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| Stock price: | $0.50 at close Aug. 15
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| Market capitalization: | $4.21 million
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