Kleiner Perkins participates; preferreds convert on one-for-one basis
By Devika Patel
Knoxville, Tenn., June 7 - LendingClub Corp. took in $17.5 million in a private placement of series E convertible preferred stock on June 1, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 2.5 million preferreds for $7.00 each. The preferreds are convertible into common shares on a one-for-one basis.
Investors included lead investor Kleiner Perkins and John J. Mack.
Based in San Francisco, LendingClub is a private company that operates a lending network that brings together investors and borrowers.
| Issuer: | LendingClub Corp.
|
| Issue: | Series E convertible preferred stock
|
| Amount: | $17.5 million
|
| Shares: | 2.5 million
|
| Price: | $7.00
|
| Conversion ratio: | Into 2.5 million common shares
|
| Warrants: | No
|
| Investors: | Kleiner Perkins (lead), John J. Mack
|
| Settlement date: | June 1
|
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