Note matures on Nov. 14, 2013; proceeds finance working capital needs
By Devika Patel
Knoxville, Tenn., Sept. 9 - Smart Online, Inc. sold another $500,000 8% convertible secured subordinated note on Sept. 6, according to an 8-K filed Friday with the Securities and Exchange Commission. The note matures Nov. 14, 2013.
It may not be prepaid without approval from a majority of noteholders.
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, Sept. 8, 2009, Oct. 5, 2009, Oct. 9, 2009, Nov. 6, 2009, Dec. 23, 2009, Feb. 11, 2010, April 1, 2010, June 2, 2010, July 1, 2010, Aug. 13, 2010, Aug. 30, 2010, Sept. 14, 2010, Sept. 30, 2010, Nov. 9, 2010, Feb. 7, 2011, March 4, 2011, April 6 and May 4.
Proceeds will be used to meet ongoing working capital and capital spending requirements.
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.
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Issue: | Convertible secured subordinated note
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Amount: | $500,000
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Maturity: | Nov. 14, 2013
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Coupon: | 8%
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Call: | No
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Pricing date: | Nov. 14, 2007
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Settlement date: | Sept. 6
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Stock symbol: | OTCBB: SOLN
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Stock price: | $2.50 at close Nov. 14, 2007
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Market capitalization: | $24.22 million
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