Giga-tronics Announces a $1.115M Private Placement Financing and Loan Modification Agreements
GIGA-TRONICS INC (GIGA)
US:NASDAQ Investor Relations:
investor.gigatronics.com
Company Research
Source: GlobeNewswire
DUBLIN, Calif., March 26, 2018 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (OTCQB:GIGA) today announced the signing of a securities purchase agreement associated with a private placement of approximately $1.115M in a new series of preferred stock (the “Placement”). Under the terms of the agreement dated March 23, 2018, the Company sold shares of 6% Series E Senior Convertible Voting Perpetual Preferred Stock (the “Series E”). The purchase price for each Series E share was $25.00 with each Series E share convertible into 100 shares of Common Stock which equals a conversion price of $0.25 per Common share. In addition to other rights and preferences, the Placement also provides for a reduction of the exercise price of certain warrants convertible into Common shares from $1.15 to $0.25 for those Series E purchasers which participated in the Company’s Common stock financing through EGE in January 2016 based on their level of Series E participation. Net proceeds to the Company from
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