FB pixel

ImageWare converts debt into shares and other shares into cash

ImageWare converts debt into shares and other shares into cash
 

ImageWare has completed a private placement of $8.9 million of newly designated Series C Convertible Preferred Stock with four new institutional investors. The shares will accrue 8 percent annual dividends payed in cash, or 10 percent paid in common stock, and are convertible into common shares at $1 each.

The company’s stock opened at $1.02 and rose to $1.05 in early afternoon trading on the OTC market, after closing the previous day at $1.01.

Northland Capital Markets acted as the exclusive placement agent for the financing.

At the same time, approximately $6.9 million in unsecured debt was converted by its holders into 6,897 shares of existing Series A Convertible Preferred Stock. ImageWare’s Board of Directors declared a dividend for Series A Preferred Stock-holders, who will receive a warrant to purchase approximately 40 common shares for each outstanding Series A Preferred share converted.

“We are extremely pleased with the financial commitment that our new investors and our existing debt holders have shown in support of the Company’s efforts through this financing and debt conversion,” said ImageWare Chairman and CEO Jim Miller. “The proceeds from the Series C Financing will enable us to expand our sales and marketing efforts.”

The company recently reported major earnings increases for the second quarter and first half of 2018, with pending major sales still in the pipeline.

Article Topics

 |   | 

Latest Biometrics News

 

ISO’s mDL standard can’t guarantee issue trustworthiness

The fear that the server retrieval capability supported by the ISO/IEC 18013 standard for mobile driver’s licenses (mDLs) could be…

 

One app, two app, three app, four: DECTA study shows users have ‘wallet fatigue’

While some see the concept of a “15-minute city” as sinister, advocates say they just don’t want to go very…

 

Stop ghost students stealing college financial aid with biometric liveness

The Associated Press recently documented a vast and fast-growing fraud on the U.S. education system in which scammers use AI…

 

Russia launching digital ID ‘super-app’ inspired by Chinese WeChat

Russia is introducing a new digital identity “super-app” that will combine messaging, government and private services, e-signatures and digital IDs….

 

Biometric Update Podcast races into the future with 1Password and agentic AI

Where do identity verification and Formula 1 racing cross paths? Jeff Shiner, CEO of 1Password, has the answers. At an…

 

With SB 260, Utah looks to change the rules around who defines identity

A new bill in Utah provides a good illustration of how “identity” is still an evolving concept. State Bill 260:…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events