<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="font-size: 10pt">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): February 3, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>Irvine Sensors Corporation<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>001-08402</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>33-0280334</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>3001 Red Hill Avenue, Costa Mesa, California<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>92626</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(714) 549-8211</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>N/A<BR></B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<P>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.01</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Entry into a Material Definitive Agreement.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On February&nbsp;3, 2009, Irvine Sensors Corporation (the &#147;Company&#148;) entered into a Subscription
Agreement (the &#147;Subscription Agreement&#148;) with 5 accredited individual investors (each, an
&#147;Investor&#148; and collectively, the &#147;Investors&#148;), pursuant to which the Company expanded its private
placement that was previously disclosed on November&nbsp;10, 2008 in a closing (the &#147;Private Placement&#148;)
of the issuance of secured promissory notes in the original aggregate principal amount of $182,000
(the &#147;Notes&#148;) and, as consideration for making the advances under the Notes, agreed to issue to the
Investors an aggregate of 113,750 shares of the Company&#146;s Common Stock (the &#147;Shares&#148;). Such Shares
have not been registered under the Securities Act of 1933 and may not be offered or sold absent
registration or an applicable exemption from registration. The number of Shares being issued
equals 25% of the principal amount of the Notes divided by $0.40.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Notes bear interest at 12.0% per annum and will mature and become payable 6&nbsp;months
following their issuance. All amounts payable under the Notes are accelerated upon the occurrence
of certain bankruptcy-related events. The Notes are secured by a security agreement in
substantially all of the Company&#146;s assets and such security interest is senior to certain
obligations of the Company to Longview Fund, LP and Alpha Capital Anstalt pursuant to an
intercreditor agreement and collateral agent agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In consideration for services rendered as the lead placement agent in the Private Placement,
the Company issued to J.P. Turner &#038; Company, LLC (&#147;JP Turner&#148;) a five-year warrant to purchase
59,150 shares of the Company&#146;s Common Stock at an exercise price of $0.40 per share (the &#147;JP
Warrant&#148;), which represents 13% of the gross proceeds divided by $0.40. JP Turner also will
receive, in consideration for services rendered as lead placement agent, (i)&nbsp;cash commissions
aggregating $14,560, which represents 8% of the gross proceeds, (ii)&nbsp;a management fee of $3,640,
which represents 2% of the gross proceeds and (iii)&nbsp;an expense allowance fee of $5,460, which
represents 3% of the gross proceeds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company has not granted registration rights with respect to the Shares or the JP Warrant.
The proceeds from the Private Placement will be used to finance the working capital needs of the
Company. The Company had 5,641,792 shares of Common Stock outstanding immediately prior to the
Private Placement.
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.03</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The information disclosed in Item&nbsp;1.01 of this Current Report on Form 8-K is incorporated by
reference into this Item&nbsp;2.03.
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.02</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Unregistered Sales of Equity Securities.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The information disclosed in Item&nbsp;1.01 of this Current Report on Form 8-K is incorporated by
reference into this Item&nbsp;3.02. The sale and issuance of the Notes, the Shares and the JP Warrant
have been determined to be exempt from registration under the Securities Act of 1933 in reliance on
Section&nbsp;4(2) of the Securities Act and Rule&nbsp;506 of Regulation&nbsp;D promulgated thereunder as
transactions by an issuer not involving a public offering. The Investors and JP Turner have
represented that they are accredited investors, as that term is defined in Regulation&nbsp;D, and that
they have acquired the securities for investment purposes only and not with a view to or for sale
in connection with any distribution thereof.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Financial Statements of Business Acquired</I>.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Pro Forma Financial Information</I>.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Shell Company Transactions</I>.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Exhibits</I>.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description of Exhibit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Subscription Agreement for Secured Promissory Notes</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Secured Promissory Notes</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Security Agreement (1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Collateral Agent Agreement (2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Intercreditor Agreement (3)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Warrants to Purchase Common Stock Issued to J.P. Turner &#038; Company, LLC pursuant to Private Placement (4)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 1pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.3 filed with the Registrant&#146;s Current Report on Form
8-K as filed with the SEC on December&nbsp;16, 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.4 filed with the Registrant&#146;s Current Report on Form
8-K as filed with the SEC on December&nbsp;16, 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.5 filed with the Registrant&#146;s Current Report on Form
8-K as filed with the SEC on December&nbsp;16, 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.6 filed with the Registrant&#146;s Current Report on Form
8-K as filed with the SEC on January&nbsp;9, 2009.</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">IRVINE SENSORS CORPORATION</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Registrant)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Dated: February&nbsp;9, 2009
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ JOHN J. STUART, JR.</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">John J. Stuart, Jr.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Senior Vice President and Chief Financial Officer</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "c80644e8vk.htm", "description": "8-K", "secsgml_size_bytes": 18761}]
{"company-data": {"conformed-name": "IRVINE SENSORS CORP/DE/", "cik": "0000357108", "assigned-sic": "3674", "irs-number": "330280334", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-08402", "film-number": "09580437"}, "business-address": {"street1": "3001 REDHILL AVE", "city": "COSTA MESA", "state": "CA", "zip": "92626", "phone": "7145498211"}, "mail-address": {"street1": "3001 REDHILL AVE", "street2": "BLDG 3 STE 104", "city": "COSTA MESA", "state": "CA", "zip": "92626"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 3, 2009
Irvine Sensors Corporation
(Exact name of registrant as specified in its charter)
Delaware
001-08402
33-0280334
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
3001 Red Hill Avenue, Costa Mesa, California
92626
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(714) 549-8211
N/A
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement.
On February 3, 2009, Irvine Sensors Corporation (the "Company") entered into a Subscription
Agreement (the "Subscription Agreement") with 5 accredited individual investors (each, an
"Investor" and collectively, the "Investors"), pursuant to which the Company expanded its private
placement that was previously disclosed on November 10, 2008 in a closing (the "Private Placement")
of the issuance of secured promissory notes in the original aggregate principal amount of $182,000
(the "Notes") and, as consideration for making the advances under the Notes, agreed to issue to the
Investors an aggregate of 113,750 shares of the Company's Common Stock (the "Shares"). Such Shares
have not been registered under the Securities Act of 1933 and may not be offered or sold absent
registration or an applicable exemption from registration. The number of Shares being issued
equals 25% of the principal amount of the Notes divided by $0.40.
The Notes bear interest at 12.0% per annum and will mature and become payable 6 months
following their issuance. All amounts payable under the Notes are accelerated upon the occurrence
of certain bankruptcy-related events. The Notes are secured by a security agreement in
substantially all of the Company's assets and such security interest is senior to certain
obligations of the Company to Longview Fund, LP and Alpha Capital Anstalt pursuant to an
intercreditor agreement and collateral agent agreement.
In consideration for services rendered as the lead placement agent in the Private Placement,
the Company issued to J.P. Turner & Company, LLC ("JP Turner") a five-year warrant to purchase
59,150 shares of the Company's Common Stock at an exercise price of $0.40 per share (the "JP
Warrant"), which represents 13% of the gross proceeds divided by $0.40. JP Turner also will
receive, in consideration for services rendered as lead placement agent, (i) cash commissions
aggregating $14,560, which represents 8% of the gross proceeds, (ii) a management fee of $3,640,
which represents 2% of the gross proceeds and (iii) an expense allowance fee of $5,460, which
represents 3% of the gross proceeds.
The Company has not granted registration rights with respect to the Shares or the JP Warrant.
The proceeds from the Private Placement will be used to finance the working capital needs of the
Company. The Company had 5,641,792 shares of Common Stock outstanding immediately prior to the
Private Placement.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information disclosed in Item 1.01 of this Current Report on Form 8-K is incorporated by
reference into this Item 2.03.
Item 3.02
Unregistered Sales of Equity Securities.
The information disclosed in Item 1.01 of this Current Report on Form 8-K is incorporated by
reference into this Item 3.02. The sale and issuance of the Notes, the Shares and the JP Warrant
have been determined to be exempt from registration under the Securities Act of 1933 in reliance on
Section 4(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder as
transactions by an issuer not involving a public offering. The Investors and JP Turner have
represented that they are accredited investors, as that term is defined in Regulation D, and that
they have acquired the securities for investment purposes only and not with a view to or for sale
in connection with any distribution thereof.
Item 9.01.
Financial Statements and Exhibits.
(a)
Financial Statements of Business Acquired
.
Not applicable.
(b)
Pro Forma Financial Information
.
Not applicable.
(c)
Shell Company Transactions
.
Not applicable.
(d)
Exhibits
.
Exhibit No.
Description of Exhibit
10.1
Form of Subscription Agreement for Secured Promissory Notes
10.2
Form of Secured Promissory Notes
10.3
Security Agreement (1)
10.4
Collateral Agent Agreement (2)
10.5
Intercreditor Agreement (3)
10.6
Form of Warrants to Purchase Common Stock Issued to J.P. Turner & Company, LLC pursuant to Private Placement (4)
(1)
Incorporated by reference to Exhibit 10.3 filed with the Registrant's Current Report on Form
8-K as filed with the SEC on December 16, 2008.
(2)
Incorporated by reference to Exhibit 10.4 filed with the Registrant's Current Report on Form
8-K as filed with the SEC on December 16, 2008.
(3)
Incorporated by reference to Exhibit 10.5 filed with the Registrant's Current Report on Form
8-K as filed with the SEC on December 16, 2008.
(4)
Incorporated by reference to Exhibit 10.6 filed with the Registrant's Current Report on Form
8-K as filed with the SEC on January 9, 2009.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IRVINE SENSORS CORPORATION
(Registrant)
Dated: February 9, 2009
/s/ JOHN J. STUART, JR.
John J. Stuart, Jr.
Senior Vice President and Chief Financial Officer