Published on 6/19/2009 in the Prospect News PIPE Daily.
New Issue: Yayi International concludes $15 million sale of convertible preferreds
By Devika Patel
Knoxville, Tenn., June 19 - Yayi International Inc. completed a $15 million private placement of its convertible series A preferred stock on June 18, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 1,530,612 preferreds at $9.80 apiece to SAIF Partners III LP. The preferreds are initially convertible at $0.98 per common share.
Yayi is a manufacturer and distributor of goat milk powder products based in XiQing, China.
| Issuer: | Yayi International Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $15 million
|
| Shares: | 1,530,612
|
| Price: | $9.80
|
| Conversion price: | $0.98
|
| Warrants: | No
|
| Investor: | SAIF Partners III LP
|
| Settlement date: | June 18
|
| Stock symbol: | OTCBB: YYIN
|
| Stock price: | $0.70 at close June 18
|
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