Deal with Michael Reger includes two-year warrants for 261,116 shares
By Devika Patel
Knoxville, Tenn., Aug. 16 – GelTech Solutions, Inc. sold a $175,000 secured convertible note to Michael Reger on Aug. 12, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 7.5% note is convertible into common shares at $0.3351 per share, which is a 1.55% premium to the Aug. 11 closing share price of $0.33.
The note is due on Dec. 31, 2020 and is secured by all of the company’s assets, including its intellectual property and inventory.
Reger also received warrants for 261,116 shares. The warrants are exercisable at $2.00 for two years. The strike price reflects a 506.06% premium to the Aug. 11 closing price.
Jupiter, Fla.-based GelTech makes FireIce, a water-enhancing fire suppressant, Soil2O, a moisture-preservation product, and other Earth-friendly polymer-based products.
| Issuer: | GelTech Solutions, Inc.
|
| Issue: | Secured convertible note
|
| Amount: | $175,000
|
| Maturity: | Dec. 31, 2020
|
| Coupon: | 7.5%
|
| Conversion price: | $0.3351
|
| Warrants: | For 261,116 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $2.00
|
| Investor: | Michael Reger
|
| Settlement date: | Aug. 12
|
| Stock symbol: | OTCBB: GLTC
|
| Stock price: | $0.33 at close Aug. 11
|
| Market capitalization: | $19.39 million
|
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