Company sells units of four convertible preferreds or 40 common shares
By Devika Patel
Knoxville, Tenn., Feb. 26 – Orbital Tracking Corp. said it completed a $1.1 million private placement of its series C convertible preferred stock and common stock.
The company sold 550,000 units of either 4 preferreds or 40 common shares at $2.00 per unit. Each preferred converts to 10 common shares.
Proceeds will be used for sales and marketing, research and development and general and administrative expenses.
The company also said it arranged a share exchange on Feb. 19 in which it acquired all of Global Telesat Communications Ltd.’s capital stock in exchange for company common shares and its series E convertible preferreds, making Global a subsidiary of the company.
The Walnut Creek, Calif., company provides satellite-based tracking services and mobile voice and data communications services globally via satellite to commercial and government users.
| Issuer: | Orbital Tracking Corp.
|
| Issue: | Units of either 4 series C convertible preferred shares, units of 40 common shares
|
| Amount: | $1.1 million
|
| Units: | 550,000
|
| Price: | $2.00
|
| Warrants: | No
|
| Settlement date: | Feb. 26
|
| Stock symbol: | OTCBB: BVII
|
| Stock price: | $0.16 at close Feb. 25
|
| Market capitalization: | $1.44 million
|
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