Ad
Ad
Ad
Ad
Ad
Ad
Electronics Production | October 01, 2007

Neonode to raise $6.2m

Neonode Inc. (formerly known as SBE, Inc.), which develops unique user experience (UX) for touchscreen multi-media mobile phones, has announced a $6.2 million private placement.
This is aimed at primarily institutional investors, comprised of $3.1 million of three-year promissory notes of the Company, convertible into shares and of the Company's Common Stock at a conversion price of $3.50 per share, 1,028,316 shares of Common Stock and 1,391,577 Common Stock purchase warrants exercisable at a price of $3.92 per share.

Certain holders of the Company's senior secured notes converted an aggregate of $454,900 of debt and accrued interest in the offering. The Company negotiated a delay in the convertibility of the remaining $2.8 million principal amount of such notes in exchange for three year warrants to purchase up to 216,667 shares of Common Stock at a price of $3.92 per share. Empire Asset Management Company acted as financial advisor and exclusive placement agent in the private placement.

“We are pleased to announce this cash infusion. The proceeds from the investment will allow us to continue to execute our plan and achieve our long term objectives," said Mikael Hagman, President and CEO. “We will use the proceeds to continue to market and expand our sales channel for the Neonode N2, license our UX Technologies and develop future products," continued Hagman.

Comments

Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Ad
Ad
Load more news
December 13 2017 10:15 PM V8.9.2-2