Company offers note due Oct. 24, 2015 with variable conversion price
By Devika Patel
Knoxville, Tenn., Oct. 13 – Global Defense & National Security Systems, Inc. sold a $1.25 million convertible promissory note to Global Defense & National Security Holdings LLC on Oct. 8, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes mature on Oct. 24, 2015 and are convertible into common stock at a conversion price equal to the greater of $10.00 per share and the 30-day trailing average closing price of the stock.
The blank check company is based in Reston, Va.
| Issuer: | Global Defense & National Security Systems, Inc.
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| Issue: | Convertible promissory note
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| Amount: | $1.25 million
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| Maturity: | Oct. 24, 2015
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| Conversion price: | Greater of $10.00 per share and the 30-day trailing average closing price of the stock
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| Warrants: | No
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| Investor: | Global Defense & National Security Holdings LLC
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| Settlement date: | Oct. 8
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| Stock symbol: | Nasdaq: GDEF
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| Stock price: | $10.46 at close Oct. 7
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| Market capitalization: | $91.6 million
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