Data I/O raises $9M in private placement of convertible debentures, stock, and warrants

DATA I/O CORP

Sold 869,840 shares of common stock, $6.825M convertible note (4% interest, 5-year), and warrants for 1.08M shares at $3.00 to Lytton-Kambara Foundation and Alice W. Lytton Family LLC.
Convertible note converts into Series B Preferred at $1,000/share; Preferred convertible into common at $2.50/share; automatic conversion upon shareholder approval.
Warrants exercisable at $3.00 per share for 5 years; aggregate potential shares from conversion/exercise limited to ~1.87M shares without stockholder approval.
Company to file resale registration statement for shares issuable upon conversion/exercise.

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