IRVINE, California, October 25, 2021 / PRNewswire / – Interlink Electronics, Inc. (NASDAQ: LINK), an industry-leading trusted advisor and technology partner in the evolving world of human-machine interface (HMI) and force sensing technologies, announced today that having closed a share placement of its new Series A convertible preferred stock at 8.0% (the Series A preferred) with accredited individual investors. Interlink sold 120,000 Series A Preferred shares at an offer price of $ 25.00 per share, for a gross income of $ 3.0 million.
Series A Preferred is convertible into Interlink 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 ordinary shares is equal or higher $ 15.00 (120% of the Initial Conversion Price) for at least 20 of the 30 consecutive trading days immediately preceding the business day on which Interlink issues a press release announcing the mandatory conversion of the Preferred Series A. Shares will not be redeemable before April 22, 2022unless a change of control occurs. Dividends on 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 your liquidation preference, which is equivalent to $ 2.00 per year per share.
The offer has ended October 222021. After paying the placement agent’s cash commissions and offering expenses, Interlink received net proceeds of approximately $ 2.82 million. The purchase agreement for the offering allows Interlink to sell additional Series A Preferred shares and we anticipate another closure in November 2021.
Interlink expects to use the net proceeds of the offering for working capital and other general business purposes and to finance potential acquisitions.
Interlink is required to file a resale registration statement with the Securities and Exchange Commission that covers the resale by purchasers of the underlying common stock of the Series A Preferred Shares purchased by them in the Offer.
The securities offered in the offering have not been registered under the Securities Act of 1933 or the applicable securities laws of any state or jurisdiction. Consequently, the securities cannot be offered or sold 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 a solicitation of an offer to buy the securities, nor will there be any sale of the securities in any state or jurisdiction where such an offer, solicitation or sale would be illegal prior to registration or qualification. under the securities laws of that state or jurisdiction.
About Interlink Electronics, Inc.
Interlink Electronics is a trusted and leading global provider of HMI, sensor and IoT solutions. In addition to standard product offerings, Interlink uses its expertise in materials science, manufacturing, firmware and software to produce internal system solutions for custom applications. For 35 years, Interlink has led the printed electronics industry in marketing its patented force sensing resistor® technology and has provided some of the world’s leading electronics manufacturers with intuitive sensors and interface technologies such as the VersaPad and the new VersaPad Plus, which boasts the largest active surface of any resistive touchpad. It also has a proven track record of providing technology solutions for mission-critical applications in a wide range of markets, including medical, automotive, consumer electronics, telecommunications and industrial control, providing standard and custom sensors that offer engineers flexibility and functionally they look for in today’s sophisticated electronic devices. Interlink serves an international customer base from its headquarters in Irvine, Californiaand a world-class materials science laboratory and research and development center a Camarillo, California. They are supported by strategic global locations covering manufacturing, distribution and sales support. For more information, visit InterlinkElectronics.com.
This press release contains forward-looking statements regarding the occurrence of subsequent closings and the intended use of proceeds from the offering. Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those of forward-looking statements, including, without limitation, the money generated and used in our affairs. . Additional factors that could cause actual results to differ materially from those projected in our forward-looking statements can be found under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report. most recent (Form 10 -K) or Quarterly Report (Form 10-Q) filed with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or commitment to update any forward-looking statements.
Interlink Electronics, Inc.
Steven N. BronsonCEO
SOURCE Interlink Electronics