Proceeds slated for ongoing working capital
By Jennifer Chiou
New York, Oct. 5 - Smart Online, Inc. sold an additional $300,000 8% convertible secured subordinated note on Sept. 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company issued the note on substantially the same terms as the previously issued notes sold on Nov. 14, 2007, Aug. 12, 2008, Nov. 21, 2008, Jan. 6, 2009, Feb. 24, 2009, April 3, 2009, June 2, 2009, July 16, 2009, Aug. 26, 2009, Oct. 5, 2009, Oct. 9, 2009, Nov. 6, 2009, Dec. 23, 2009, Feb. 11, 2010, April 1, 2010, June 2, July 1, Aug. 13, Aug. 30 and Sept. 14.
The $300,000 convertible was placed with an existing noteholder.
Proceeds will be used to meet ongoing working capital and capital spending requirements.
As previously reported, the company amended the terms of the convertibles in March 2010 to extend the maturity date to Nov. 14, 2013 from Nov. 14, 2010.
Based in Research Triangle Park, N.C., Smart Online develops web-based applications, private-label online business platforms that enable web delivery of applications and services used to start and manage small businesses.
| Issuer: | Smart Online, Inc.
|
| Issue: | Convertible secured subordinated note
|
| Amount: | $300,000
|
| Maturity: | Nov. 14, 2013
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Settlement date: | Sept. 30
|
| Stock symbol: | OTCBB: SOLN
|
| Stock price: | $1.10 at close Oct. 5
|
| Market capitalization: | $20.18 million
|
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