Interlink Electronics Announces Second and Final Closing of Private Placement of 8.0% Series A Convertible Preferred Stock Raising an Additional $2.0 Million in Gross Proceeds
IRVINE, Calif., Nov. 22, 2021 /PRNewswire/ -- Interlink Electronics, Inc. (NASDAQ: LINK), an industry-leading trusted advisor and technology partner in the advancing world of human-machine interface (HMI) and force-sensing technologies, today announced the second and final closing of its private placement of shares of 8.0% Series A Convertible Preferred Stock (the Series A Preferred) with individual accredited investors. Interlink sold 80,000 shares of Series A Preferred at an offering price of $25.00 per share, for gross proceeds of $2.0 million. Interlink previously sold $3.0 million in gross proceeds of its Series A Preferred in October 2021.
The Series A Preferred is convertible into shares of Interlink's common stock at the holder's option at a conversion price of $12.50 per share, or by Interlink at a conversion price of $12.50 per share if the closing price of the common stock equals or exceeds $15.00 (120% of the initial Conversion Price) for at least 20 out of 30 consecutive trading days immediately preceding the business day on which Interlink issues a press release announcing the mandatory conversion of Series A Preferred. The shares will not be redeemable prior to April 22, 2022, except upon the occurrence of a change of control. Dividends on the Series A Preferred accrue daily and are payable monthly in arrears on the 15th day of the calendar month, at the rate of 8.0% per annum of its liquidation preference, which is the equivalent to $2.00 per annum per share.
After payment of placement agent cash fees and expenses, Interlink received net proceeds from the second closing of approximately $1.88 million. Interlink anticipates using the net proceeds from the offering for working capital and other general corporate purposes, and to fund potential acquisitions.
Interlink is required to file a resale registration statement with the Securities and Exchange Commission that covers the resale y the purchasers of the shares of common stock underlying the Series A Preferred purchased by them in the offering.
The securities offered in the offering have not been registered under the Securities Act of 1933 or applicable securities laws of any state or jurisdiction. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable securities laws of any state or jurisdiction. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About Interlink Electronics, Inc.
Forward Looking Statements
View original content to download multimedia:https://www.prnewswire.com/news-releases/interlink-electronics-announces-second-and-final-closing-of-private-placement-of-8-0-series-a-convertible-preferred-stock-raising-an-additional-2-0-million-in-gross-proceeds-301429562.html
SOURCE Interlink Electronics
Building a Profitable Security and Compliance Business
Emerging Tech Organizations Need to Succeed in Todayâ€™s On-Demand Economy
Session Details TBA