By Devika Patel
Knoxville, Tenn., Dec. 22 - Jagged Peak, Inc. sold a $1.5 million secured revolving note to Moriah Capital LP on Dec. 17, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note is due in 15 months. The interest rate is Prime plus 600 basis points, with a floor of 11%; interest is paid on a monthly basis. The company will also issue 829,250 common shares.
Jagged Peak will use the proceeds to repay its debt owed to Laurus Master Fund, Ltd., for working capital and sales and marketing efforts to fuel growth.
Based in Clearwater, Fla., Jagged Peak develops web-based software to automate inventory fulfillment and order management.
| Issuer: | Jagged Peak, Inc.
|
| Issue: | Secured revolving note, 829,250 common shares
|
| Amount: | $1.5 million
|
| Maturity: | 15 months
|
| Coupon: | Prime plus 600 bps, floor of 11%
|
| Price: | Par
|
| Yield: | Prime plus 600 bps, floor of 11%
|
| Warrants: | No
|
| Investor: | Moriah Capital LP
|
| Settlement date: | Dec. 17
|
| Stock symbol: | OTCBB: JGPK
|
| Stock price: | $0.11 at close Dec. 17
|
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