Alderox again amends $8.5 million convertibles; resolves default

By Devika Patel

Knoxville, Tenn., Oct. 14 - Alderox, Inc. once again amended its agreement with Pala Investments Holdings Ltd. in regard to an $8.5 million private placement of convertible debentures, which priced in December, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The company adjusted the conversion price of the debentures to $0.057 per share from $0.13 per share.

It also said its dispute with Pala in regard to an alleged default under the debentures has been resolved and Pala has agreed not to seek remedies for the default.

Alderox is an industrial supply company based in San Clemente, Calif.

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