WPCS inks exchange agreement for convertibles, preferreds, warrants

Investor Hudson Bay swaps securities for series F, series G preferreds

By Devika Patel

Knoxville, Tenn., Oct. 3 – WPCS International Inc. negotiated an exchange agreement with Hudson Bay Master Fund Ltd. for its $145,362 senior secured convertible note, warrants and series E convertible preferred stock on Sept. 30, according to an 8-K filed Friday with the Securities and Exchange Commission.

Hudson Bay agreed to exchange the convertible for 5,628 shares of a newly designated series F convertible preferred stock. It agreed to exchange the series E preferreds for a $794,000 promissory note and 1,060 series G convertible preferred shares. It also agreed to swap the warrants for 1,028 series G preferreds.

The $794,000 note matures on Sept. 30, 2015 and accrues no interest. It may be redeemed or put.

The 8% series F preferreds are convertible into common shares at $1.00 per share.

Based in Exton, Pa., WPCS provides design-build engineering services for specialty communications systems and wireless infrastructure.

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