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Tuesday, May 28, 2024

TechnoConcepts Raises Funds

Thousand Oaks-based tech firm TechnoConcepts Inc. has announced that it has raised $3 million from three institutional investors, two of which had previously invested in the company. These investors have the rights to put up to $2 million more in TechnoConcepts based on certain milestones being achieved by the company. The private placement consisted of Series B-1 Preferred Stock convertible into common stock. Each share of preferred stock converts to 1,000 shares of common stock. The Series B-1 Preferred has a dividend rate of 5 percent per annum, payable quarterly, either by cash or through the issuance of common stock at the company’s option. TechnoConcepts is the developer of a technology that enables incompatible wireless devices to change by software command so that they can communicate with each other.

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