Iowa Executive Buys Stake in Advanced Photonix

An Iowa investor has acquired an effective 15.2% stake in Advanced Photonix Inc., a Camarillo-based company that makes photodetector devices that convert light into electronic signals, according to a filing with the Securities and Exchange Commission.

John Pappajohn, owner of Equity Dynamics Inc. in Des Moines, bought 83,334 shares of Class A common stock and warrants to buy an additional 33,334 shares for a total of $289,000, according to the filing. Earlier in June, Advanced Photonix issued warrants enabling Pappajohn to buy 500,000 shares of Class A common stock. Warrants entitle their holders to buy additional common shares in the future under certain terms.

If Pappajohn exercises all of his warrants, he would have 15.2% ownership based on the company’s 4,062,375 shares of Class A common stock outstanding as of October, the SEC filing said.