Audio Visual Enterprises S.A. (ATSE:AVE) announced a private placement of 15,471,428 convertible preferred stock at 0.70 per share for gross proceeds of 10,830,000 on July 27, 2015. The convertible preferred stock will be converted into common stock of the company within five years from the date of issuance on 1:1 ratio. The company will issue convertible preferred shares without voting rights.
The transaction will include participation from returning investor Doson Investment Company.