One-year note pays 8% interest, accompanied by 26,490 warrants
New York, March 20 - eFleets Corp. issued an $80,000 unsecured convertible promissory notes to Zeus Corp. on March 14, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 8% note matures in one year and is convertible at a price of $1.51 per share, which is a 49.7% discount to the closing share price on March 20, $3.00.
As part of the transaction, Zeus received five-year warrants for 26,490 common shares. The warrants are each exercisable at $2.01, which is a 33% discount to the March 20 share price.
The Fort Worth, Texas, company is focused on the design, development, assembly, and sale of all-electric fleet vehicles.
Issuer: | eFleets Corp.
|
Issue: | Unsecured convertible promissory notes
|
Amount: | $80,000
|
Maturity: | One year
|
Coupon: | 8%
|
Conversion price: | $1.51
|
Warrants: | For 26,490 shares
|
Warrant expiration: | Five years
|
Warrant strike price: | $2.01
|
Investor: | Zeus Corp.
|
Announcement date: | March 20
|
Settlement date: | March 14
|
Stock symbol: | OTCBB: EFLT
|
Stock price: | $3.00 at close March 20
|
Market capitalization: | $25.3 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.