Company sells original issue discount convertibles to JMJ Financial
By Devika Patel
Knoxville, Tenn., Dec. 16 - AMP Holding Inc. settled a private placement of $300,000 of convertible promissory notes with JMJ Financial on Dec. 11, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The note was sold with a 10% original issue discount and bears a one-time interest charge of 12%.
The note matures in two years and is convertible into common stock. The conversion price is equal to the lesser of $0.17 or 60% of the lowest trade price in the 25 trading days preceding conversion.
The note may be prepaid in the first 90 days.
The Overland Park, Kan., company designs, markets and sells modified automobiles.
| Issuer: | AMP Holding Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $335,000
|
| Maturity: | Two years
|
| Price: | $35,000 discount
|
| Coupon: | One-time interest charge of 12%
|
| Conversion price: | Lesser of $0.17 or 60% of the lowest trade price in the 25 trading days preceding conversion
|
| Call: | In the first 90 days
|
| Warrants: | No
|
| Investor: | JMJ Financial
|
| Settlement date: | Dec. 11
|
| Stock symbol: | OTCBB: AMPD
|
| Stock price: | $0.17 at close Dec. 10
|
| Market capitalization: | $11.69 million
|
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