Liquidmetal (LQMT) Continues to Soar On Mysterious Apple Deal
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Micro-cap Liquidmetal Technologies Inc. (OTC: LQMT) continues to surge after disclosing a mysterious deal with tech powerhouse Apple (Nasdaq: AAPL) earlier in the week.
The stock has had an amazing week: Soared 79 percent on Monday, 72 percent on Tuesday, another 12 percent yesterday and now 40 percent today.
In the deal with Apple, Liquidmetal granted to Apple an exclusive license to commercialize intellectual property for consumer electronic products in exchange for a license fee.
Liquidmetal is an elastic-like material that stores energy much better than stainless steel or Titanium, so the news could suggest some type of bounceable or unbreakable iPhone.
Financial terms were now disclosed, but details from a recent filing suggests it could be more than $10 million.
The company stated that on "On August 5, 2010, the Company repaid in full all of its outstanding 8% Senior Secured Convertible Notes (the "Secured Notes") in the amount of $8.2 million, all secured debt to HANA Financial in the amount of $0.3 million, and its unsecured debt to Ricardo Salas and Norden LLC in the aggregate amount of $2.4 million. The foregoing obligations were paid with proceeds from the previously announced strategic licensing transaction with Apple Inc. Upon the payment of the Secured Notes and the HANA Financial indebtedness, all security interests in Company assets securing such obligations were released and terminated."
The stock has had an amazing week: Soared 79 percent on Monday, 72 percent on Tuesday, another 12 percent yesterday and now 40 percent today.
In the deal with Apple, Liquidmetal granted to Apple an exclusive license to commercialize intellectual property for consumer electronic products in exchange for a license fee.
Liquidmetal is an elastic-like material that stores energy much better than stainless steel or Titanium, so the news could suggest some type of bounceable or unbreakable iPhone.
Financial terms were now disclosed, but details from a recent filing suggests it could be more than $10 million.
The company stated that on "On August 5, 2010, the Company repaid in full all of its outstanding 8% Senior Secured Convertible Notes (the "Secured Notes") in the amount of $8.2 million, all secured debt to HANA Financial in the amount of $0.3 million, and its unsecured debt to Ricardo Salas and Norden LLC in the aggregate amount of $2.4 million. The foregoing obligations were paid with proceeds from the previously announced strategic licensing transaction with Apple Inc. Upon the payment of the Secured Notes and the HANA Financial indebtedness, all security interests in Company assets securing such obligations were released and terminated."
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