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Provider: ValuEngine, Inc.
Provider: Reuters Investment Profile
Provider: ValuEngine, Inc.
Provider: ValuEngine, Inc.

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DecisionPoint Systems Inc Announces Completion Of $3.8 Million Convertible Preferred Stock Financing

Friday, 15 Nov 2013 08:00am EST 

DecisionPoint Systems Inc announced that it has raised $3.83 million in gross proceeds from institutional and accredited investors through a private placement of 383,000 shares of 10% Series E convertible preferred stock, with a stated value of $10.00 per share. Each share of preferred stock may be converted into common stock at any time at the option of the holder. The current conversion price is $0.50 per common share, which means that each share of preferred stock may be converted into 20 shares of common stock. The conversion price is subject to adjustment in the event that additional shares of capital stock are issued at a price per share of less than $0.50 (subject to certain carve-outs and other adjustments). After deducting the placement agent's commission, the Company received net proceeds of approximately $3.5 million. The proceeds will be used for general corporate purposes. As part of this transaction, Mr. Robert Schroeder, Vice President Investment Banking of Taglich Brothers, will join the Company's Board of Directors. 

Company Quote

26 Jan 2015