Data I/O closes $23M V-TEK acquisition, funded by $13.25M private placement of stock and 5% convertible notes

DATA I/O CORP

Total consideration $23.0M: $20.0M cash plus $3.0M in Data I/O common stock at $2.68/share; $1.3M of the price sits in escrow for indemnification.
V-TEK (Mankato, MN) makes semiconductor handling automation for test and packaging; Data I/O expects the deal to roughly double consolidated revenue and be accretive.
Private placement: 746,266 shares at $2.68 plus $11.25M of 5.0% five-year convertible notes due Oct 20, 2031; coupon rises 1 point each anniversary, 18% on default.
Notes convert at $2.68 into common or into non-voting Series C preferred ($1,000 stated value); automatic conversion if holders approve issuing 20%+ of outstanding shares.
Ladenburg Thalmann is placement agent: 7.0% cash fee, 1.0% management fee and up to $75,000 expense reimbursement; StoneX advised Data I/O on the M&A.

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