Woodland Hills Firm Sells Preferred Stock

Spatializer Audio Laboratories Inc. said it has received $3 million in private funding with institutional investors in exchange for some convertible preferred stock, and that an additional $2 million will be funded in the second and third quarters of this year.

This preferred stock can be converted into common shares of Spatializer’s stock at discounts of 15% to 20%.

Spatializer Audio Laboratories, headquartered in Woodland Hills, develops audio technology used in various consumer electronics products and in multimedia systems by leading computer makers.