hree of the company's board members - Lyle Berman, James Crawford and Lee Lomax - participated in the debt conversion. Berman converted us$ 500,000, Crawford converted us$ 500,000 and Lomax converted us$ 200,000 of outstanding loan principal to stock.
The shares were priced at 83 cents each, representing the stock's consolidated closing bid price on the Nasdaq on the trading day immediately preceding the transactions.
Mark Roberson, PokerTek's acting CEO and chief financial officer, said the deal, along with a recently announced investment by ICP Electronics and a private placement, significantly strengthens the company's balance sheet.
"As a result of these transactions, we have eliminated a majority of our outstanding long-term debt, reduced our future cash commitments, and enhanced our cash position," he said in a statement.