Company sells 9,500 preferreds at $1,000 each; Hale participates
By Devika Patel
Knoxville, Tenn., Sept. 6 - Adept Technology, Inc. will raise $9.5 million from a private placement of series A convertible preferred stock, according to an 8-K filed Thursday with the Securities and Exchange Commission. Hale Capital Partners, LP will invest up to $8 million.
The company will sell 9,500 preferreds at $1,000.00 per preferred. They are initially convertible into common stock at $4.60 per share, a 7.98% premium to the Sept. 4 closing share price of $4.26.
The company may force conversion of up to 10% of the preferreds, and holders may put the preferreds.
Settlement is expected in mid-September.
Proceeds will be used for general corporate purposes, including growth of the company's mobile and packaging business and possible debt reduction.
Based in Pleasanton, Calif., Adept designs robotic systems, motion control and machine vision technology for automobiles, consumer electronics and medical applications, among other things.
Issuer: | Adept Technology, Inc.
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Issue: | Series A convertible preferred stock
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Amount: | $9.5 million
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Shares: | 9,500
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Price: | $1,000.00
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Conversion price: | $4.60
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Call: | Up to 10%
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Put: | Yes
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Warrants: | No
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Investor: | Hale Capital Partners, LP (for $8 million)
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Pricing date: | Sept. 5
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Stock symbol: | Nasdaq: ADEP
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Stock price: | $4.26 at close Sept. 4
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Market capitalization: | $40.34 million
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