Subordinated promissory notes convert to common shares at $0.72 apiece
By Devika Patel
Knoxville, Tenn., July 29 - CyberDefender Corp. settled a $1.5 million private placement of subordinated convertible promissory notes on July 27, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 9% notes are convertible into common shares at $0.72 per share, which is a 7.69% discount to the July 26 closing share price of $0.78. The notes mature on Aug. 27, 2012.
Investors also will receive one incentive common share for each dollar invested.
Based in Los Angeles, CyberDefender is a provider of secure content management software.
| Issuer: | CyberDefender Corp.
|
| Issue: | Subordinated convertible promissory notes, 1.5 million common shares
|
| Amount: | $1.5 million
|
| Maturity: | Aug. 27, 2012
|
| Coupon: | 9%
|
| Conversion price: | $0.72
|
| Warrants: | No
|
| Settlement date: | July 27
|
| Stock symbol: | Nasdaq: CYDE
|
| Stock price: | $0.85 at close July 27
|
| Market capitalization: | $26.74 million
|
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