Acclaim Entertainment, Inc. Raises $15.0 Million Through Sale of 9% Senior Subordinated Convertible Notes
2004年2月18日 - 8:07AM
PRニュース・ワイアー (英語)
Acclaim Entertainment, Inc. Raises $15.0 Million Through Sale of 9%
Senior Subordinated Convertible Notes Company May Raise Up to an
Additional $10.0 Million Dependent upon Trading Price of Stock GLEN
COVE, N.Y., Feb. 17 /PRNewswire-FirstCall/ -- Acclaim
Entertainment, Inc. , a global video entertainment software
developer and publisher, today announced that it had raised gross
proceeds of $15.0 million in connection with the private placement
of its 9% Senior Subordinated Convertible Notes (the "9% Notes"),
due in 2007, to an investor. The 9% Notes are convertible into
shares of the Company's common stock, at a conversion price equal
to $0.65 (the "Initial Conversion Price"). Additionally, the
investor shall receive warrants to purchase a number of shares of
Acclaim's common stock equal to 20% of the number of shares
underlying the 9% Notes, with an exercise price equal to the
Initial Conversion Price. The warrants will be exercisable for five
years from February 17, 2004 (the "Initial Closing Date"). Interest
due on the 9% Notes is payable semi-annually commencing October 1,
2004. The 9% Notes will be collateralized by a second mortgage on
Acclaim's headquarters building in Glen Cove, New York, and other
assets, subject to the Company's primary lender's (GMAC Commercial
Credit LLP) consent and an inter-creditor agreement to be entered
into post-closing. The 9% Notes contain certain restrictive
covenants, including restrictions on Acclaim's incurrence of
additional indebtedness. The securities offered have not been
registered under the Securities Act of 1933, as amended or state
securities laws, and may not be offered or sold in the United
States absent registration with the Securities and Exchange
Commission ("SEC") under the Securities Act of 1933, or an
applicable exception there from. Acclaim has agreed to file a
registration statement for the Notes and register the shares of its
common stock underlying the 9% Notes and the warrants within 45
days following the Initial Closing Date. Acclaim has a first
option, for a nine month period following the Initial Closing Date
(the "First Option Period"), to require the investor to purchase
$5.0 million of additional 9% Notes (the "First Additional Notes")
at the Initial Conversion Price, if during that period the closing
bid price of its common stock exceeds 125% of the Initial
Conversion Price for twenty consecutive trading days, the
registration statement covering the shares underlying the 9% Notes
is effective and its common stock continues to be listed on a
qualified securities exchange. The investor likewise has the
option, during the First Option Period, to purchase the First
Additional Notes from the Company at the Initial Conversion Price.
Acclaim has a second option, for a six month period commencing one
year following the Initial Closing Date (the "Second Option
Period"), to purchase $5.0 million of additional 9% Notes (the
"Second Additional Notes") at the Initial Conversion Price, if
during the three month period commencing one year from the Initial
Closing Date, the closing bid price of its common stock exceeds
200% of the Initial Conversion Price for twenty consecutive trading
days or, if during the three month period commencing one year and
three monthsfrom the Initial Closing Date, the closing bid price of
its common stock exceeds 150% of the Initial Conversion Price for
twenty consecutive trading days. The investor likewise has the
option, during the Second Option Period, to purchase the Second
Additional Notes from the Company at the Initial Conversion Price.
In connection with any purchase of First Additional Notes or Second
Additional Notes, the investor would receive additional warrants to
purchase a number of shares of Acclaim's common stock equal to 20%
of the number of shares underlying those additional notes, with an
exercise price equal to the Initial Conversion Price. About Acclaim
Entertainment Based in Glen Cove, N.Y., Acclaim Entertainment,
Inc., is a worldwide developer, publisher and mass marketer of
software for use with interactive entertainment game consoles
including those manufactured by Nintendo, Sony Computer
Entertainment and Microsoft Corporation as well as personal
computer hardware systems. Acclaim owns and operates five studios
located in the United States and the United Kingdom, and publishes
and distributes its software through its subsidiaries in North
America, the United Kingdom, Australia, Germany, France and Spain.
The Company uses regional distributors worldwide. Acclaim also
distributes entertainment software for other publishers worldwide,
publishes software gaming strategy guides and issues "special
edition" comic magazines periodically. Acclaim's corporate
headquarters are in Glen Cove, New York and Acclaim's common stock
is publicly traded on NASDAQ.SC under the symbol AKLM. For more
information please visit our website at http://www.acclaim.com/.
The statements contained in this release which are not historical
facts are "forward-looking statements." Acclaim cautions readers of
this press release that a number of important factors could cause
Acclaim's actual future results to differ materially from those
expressed in any such forward-looking statements. These important
factors, including, without limitation, the financial strength of
the interactive entertainment industry, dependence on new product
introductions and the ability to maintain the scheduling of such
introductions, technological changes, dependence on major platform
manufacturers and other factors that could affect Acclaim, are
described in Acclaim's Annual Report on Form 10-K for the fiscal
year ended March 31, 2003, and Acclaim's subsequent Quarterly
Reports on Form 10-Q, all of which were filed with the United
StatesSecurities and Exchange Commission. Readers of this press
release are referred to such filings. Financial: Media: Gerard F.
Agoglia Alan B. Lewis Acclaim Entertainment Acclaim Entertainment
(516) 656-5000 (516) 656-5000 DATASOURCE: Acclaim Entertainment,
Inc. CONTACT: Financial: Gerard F. Agoglia, , Media: Alan B. Lewis,
, both of Acclaim Entertainment, +1-516-656-5000 Web site:
http://www.acclaim.com/
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Acclaim (NASDAQ:AKLM)
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Acclaim (NASDAQ:AKLM)
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