Notes carry 10% coupon, convert at 44.44% discount, due Aug. 31, 2015
By Devika Patel
Knoxville, Tenn., Feb. 8 - Merisel, Inc. settled a $750,000 private placement of subordinated convertible notes with Saints Capital Granite, LP on Feb. 4, according to an 8-K filed Friday with the Securities and Exchange Commission.
The notes are due on Aug. 31, 2015, bear interest at 10% and are convertible into common stock at $0.10 per share, which is a 44.44% discount to the Feb. 1 closing share price of $0.18. The note may be redeemed.
Proceeds will be used for the general corporate and working capital needs of the company.
Merisel is a New York visual communications and brand imaging solutions company.
Issuer: | Merisel, Inc.
|
Issue: | Subordinated convertible notes
|
Amount: | $750,000
|
Maturity: | Aug. 31, 2015
|
Coupon: | 10%
|
Conversion price: | $0.10
|
Call: | Yes
|
Warrants: | No
|
Investor: | Saints Capital Granite, LP
|
Settlement date: | Feb. 4
|
Stock symbol: | OTCBB: MSEL
|
Stock price: | $0.18 at close Feb. 1
|
Market capitalization: | $1.51 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.