RiT Technologies (RITT) announced that it has signed a private Share Purchase Agreement with STINS COMAN Inc., its principal shareholder, under which it will convert an outstanding loan in the amount of approximately $3.2 million into 636,874 of RiT's ordinary shares at an average price of $5.09 per share, reflecting a premium of 24% above the current NASDAQ share price.
The company stated that the transaction is an addition to the previous conversions completed in May 2010, September 2010, March 2011 and June 2011, and is being executed under the terms provided in the Loan Agreement dated June 11, 2009, as amended.
The completion of this transaction is subject to customary conditions, and the issuance of shares is expected to take place on December 29, 2011.
Upon completion, Stins Coman's holding will rise from 74.9% to approximately 78.0% of the Company's voting power.
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