Dense-Pac Microsystems Inc.: The Garden Grove-based manufacturer of computer memory products said a $2-million loan has been restructured after lenders agreed to exercise warrants for 1 million shares of common stock. The warrants enabled the two lenders to buy the shares for $1.90 apiece at a time when the company's stock is trading at about $5.25 per share. In return, the lenders canceled $100,000 of the loan and dropped the interest rate on most of the remaining portion of the loan from 8% to 5%, Dense-Pac said. The loan, made last year by Euroventures Benelux, a major shareholder, and Trude C. Taylor, a Dense-Pac director, is due in four years.
Al Kile, vice president of sales at Dense-Pac, said the cash the company received in payment for the 1 million shares of stock "will be spent on new products we're introducing." Dense-Pac makes memory chips that can be stacked on top of one another to conserve space. The technology is used in space satellites and missiles.