The shares were sold for $10.00 each in the original placement, which brought in to the company approximately $7 million. The chief use of proceeds was to redeem a previous issue of preferred stock, which had been called Series C Preferred Stock, and which has now been completely repurchased and retired.
The Series D Preferred Stock entitles the holder to cumulative dividends, payable quarterly, at an annual rate of 8% for cash dividends and 12% if the dividends had been paid in stock, of the original $10.00 valuation for three years from December 20, 2012, and to a cash dividend of 12% of the original $10.00 valuation after three years.
The dividends can be paid in cash or in shares at the election of the Company. The Series D Preferred Stock can be converted to common stock. There were 704,200 shares issued, and all dividends to date have been paid in cash.
A registration statement covering the Series D Preferred Stock and the Common Stock underlying the Series D Preferred Stock was declared effective July 30, 2013.
About DecisionPoint Systems, Inc.
DecisionPoint Systems, Inc. delivers improved productivity and operational advantages to its clients by helping them move their business decision points closer to their customers. They do this by making enterprise software applications accessible to the front-line worker anytime, anywhere. DecisionPoint utilizes the latest wireless, mobility, and RFID technologies.
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