JTS Corp, Jugi Tandon’s latest creation, which designs small form factor disk drives in San Jose, has raised $15m in a private financing via sale of its Series B non-voting Convertible Preferred Stock. They are convertible into JTS common at the current market price or a discount from the market price at the time of conversion and carry an annual coupon of $5. The company says the cash provides it with adequate working capital to reach its targeted production schedules for the remainder of this fiscal year. It says it met its production plans of 3.5 drives for the third quarter of this year, shipping 221,000 of the things, up from 118,000 drives in the second quarter. The company is also making 3 ultra slim 1Gb drives, and also 3 1.6Gb and 1.4Gb drives.
