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Irvine Sensors Raises $1 Million in Equity Financing
December 31, 2002 |Estimated reading time: Less than a minute
Costa Mesa, Calif. -- Irvine Sensors Corp. has secured approximately $1.05 million of net equity financing in a private placement to an institutional investor.
The financing involved the sale of 10,000 shares of convertible preferred stock, at $120 per share. Each share of convertible preferred stock is initially convertible to 100 shares of common stock, or an aggregate of 1 million common shares, subject to adjustment based on a 15 percent discount from the volume weighted average trading price of Irvine Sensors common stock for the five trading days prior to the conversion date. Because of limits on the conversion feature, the preferred stock will be convertible to a minimum of 800,000 common shares and a maximum of 1,411,765 common shares. On the date of the financing, the preferred stock was convertible into 800,000 common shares. The preferred stock is non-voting and bears no dividend.
Irvine Sensors Corp. is primarily engaged in research and development related to high density electronics, miniaturized sensors and cameras, optical interconnection technology, high speed routers, image processing, and low-power analog and mixed-signal integrated circuits for diverse systems applications. For more information, visit www.irvine-sensors.com.