American Electric Reaches Repricing Deal

American Electric Technologies said Thursday it has reached a repricing agreement with the holder of its series A convertible preferred stock and related common stock purchase warrants to adjust the initial conversion price of the convertible preferred stock and the initial exercise price of the related common stock purchase warrants originally issued in 2012.

Based on the agreement each share of preferred stock will be initially convertible, at the option of the holder, into one share of common stock at a conversion price of $2.26 per share of common stock. The outstanding series A warrants will be exercisable for 125,000 shares of common stock at an initial exercise price of $2.72 per share and the outstanding series B warrants will be exercisable for 200,000 shares of common stock at an initial exercise price of $3.17 per share.

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