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MONTVALE, N.J.-Geotek Communications Inc. announced it sold a new series of convertible preferred stock to a group of institutional investors and raised $50 million from the sale.
The investors included affiliates of Canadian Imperial Bank of Commerce, the Palladin Group and Promethean Investment Group.
The company also received a commitment from affiliates of the Soros Group and the Chatterjee Group for an additional $25 million in a separate series of convertible preferred stock.
The stock will pay common stock dividends at a rate of 10 percent per year and will be convertible into shares of common stock at an adjusted market price in effect at the time of conversion, the company said.
