Deal sells convertible due Oct. 6, 2015 to lone investor KBM Worldwide
By Devika Patel
Knoxville, Tenn., Feb. 24 – Hangover Joe's Holding Corp. settled a $43,000 private placement of a convertible note with KBM Worldwide Inc. on Jan. 14, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced on Jan. 2.
The 8% note is due on Oct. 6, 2015 and is convertible into common shares at 55% of the average of the three lowest closing bid prices of the stock during the 10 trading days preceding conversion. It is redeemable at prices ranging from 115 to 140.
The Colorado Springs, Colo., company produces hangover recovery products containing antioxidents, vitamins and herbs.
| Issuer: | Hangover Joe's Holding Corp.
|
| Issue: | Convertible note
|
| Amount: | $43,000
|
| Maturity: | Oct. 6, 2015
|
| Coupon: | 8%
|
| Conversion price: | 55% of the average of the three lowest closing bid prices of the stock during the 10 trading days preceding conversion
|
| Call: | At prices ranging from 115 to 140
|
| Warrants: | No
|
| Investor: | KBM Worldwide Inc.
|
| Announcement date: | Feb. 24
|
| Pricing date: | Jan. 2
|
| Settlement date: | Jan. 14
|
| Stock symbol: | OTCBB: HJOE
|
| Market capitalization: | $556,330
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