PixTech Enters Into Private Placement of
Preferred Stock
SANTA CLARA, Calif., and ROUSSET, France, Dec. 23 /PRNewswire/ -- PixTech, Inc. (Nasdaq: PIXT; EASDAQ: PIXT) today announced that certain investors have purchased preferred stock of the Company for an aggregate investment of $8,275,000. The preferred stock sold by the Company is convertible into PixTech common stock after June 21, 1999 at a
conversion price generally equal to approximately $2.25 per share orthe market price of the common stock at the time of the conversion. In addition to the conversion feature, the preferred stock has a liquidation preference equal to the purchase price of the preferred stock and a cumulative dividend. The preferred stock will automatically convert into common stock on December 22, 2003. The preferred stock is redeemable at the option of the Company at the issue
price upon certain events. PixTech has also undertaken to file a registration statement covering the resale of both the newly issued common stock and the common stock issuable upon conversion of the preferred stock.
Jean-Luc Grand-Clement, PixTech's Chairman and Chief Executive Officer, stated, ''This financing reflects continuing support from certain existing investors, as well as interest from new investors, both in the U.S. and in Europe.''
The issuance of the preferred stock has not been and will not be egistered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under such Act. |
