Reger notes were consolidated in connection with $250,000 loan
By Susanna Moon
Chicago, Feb. 5 - GelTech Solutions, Inc. issued Michael Reger a $2 million convertible note due Dec. 31, 2016 in connection with a loan for $250,000, according to an 8-K filing with the Securities and Exchange Commission. The coupon was set at 7.5%.
The note is convertible at $0.35 per share, which is a 16.67% discount to the company's closing price on Jan. 31.
In connection with this loan, the company consolidated all of the outstanding notes held by Reger and canceled the $1,497,483 convertible note due Feb. 18, 2016 and his $275,000 one-year 10% original issue discount convertible note due Dec. 29, 2013.
Also, the company issued Reger 210,226 shares in lieu of a cash payment for $73,579 of interest owed under the two notes that were canceled.
Jupiter, Fla.-based GelTech makes FireIce, a water-enhancing fire suppressant, Soil2O, a moisture-preservation solution, and other Earth-friendly polymer-based products.
| Issuer: | GelTech Solutions, Inc.
|
| Issue: | Convertible note
|
| Amount: | $1,997,482.95
|
| Maturity: | Dec. 31, 2016
|
| Coupon: | 7.5%
|
| Conversion price: | $0.35
|
| Warrants: | No
|
| Investor: | Michael Reger
|
| Settlement date: | Feb. 1
|
| Stock symbol: | OTCBB: GLTC
|
| Stock price: | $0.42 at close Jan. 31
|
| Market capitalization: | $10.06 million
|
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