Sam,
I'll see what I can find. Here's news of the private placement.
FREMONT, Calif.--(BUSINESS WIRE)--Sept. 11, 1997--SyQuest
Technology Inc. (NASDAQ:SYQT), the inventor of the high-performance cartridge category, Thursday announced the completion of a $20 million
private placement of securities.
Under the terms of the private placement, the investors purchased
shares of SyQuest convertible preferred stock, Series 5, at$1,000
per share, for a stated value of $20 million. The shares are
convertible into common stock at a price based on the 5-day average
NASDAQ closing price prior to the conversion, subject to a designated
maximum exercise price. No dividends are payable on the preferred
stock.
The investors also will receive seven-year warrants to purchase
14 million shares of SyQuest common stock, exercisable at a price
equal to 130 percent of the five-day average NASDAQ closing price
prior to exercise, subject to a designated maximum exercise price.
Details of the private placement will be disclosed in a Form 8K filed
with the Securities and Exchange Commission.
"The completion of this round of financing brings the company's
total financing in the last 15 months to in excess of $145 million,"
said Edward Marinaro, SyQuest chairman. "This placement will be used
for general corporate purposes, including the financing of our
aggressive marketing efforts in the U.S. and abroad." |
