Company sells 8% convertibles due Dec. 19, 2015 along with warrants
By Devika Patel
Knoxville, Tenn., Dec. 20 - Andalay Solar, Inc. settled a $250,000 private placement of 8% convertible notes on Dec. 19, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note matures on Dec. 19, 2015 and is convertible at $0.02 per common share, which is identical to the Dec. 18 closing share price. It may be prepaid at 120.
The investors also received warrants for 6.25 million shares. Each warrant is exercisable at $0.02for five years. The strike price is also identical to the Dec. 18 closing share price.
The designer and manufacturer of solar power systems and solar panels is based in Campbell, Calif.
| Issuer: | Andalay Solar, Inc.
|
| Issue: | Convertible note
|
| Amount: | $250,000
|
| Maturity: | Dec. 19, 2015
|
| Coupon: | 8%
|
| Conversion price: | $0.02
|
| Call: | At 120
|
| Warrants: | For 6.25 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.02
|
| Settlement date: | Dec. 19
|
| Stock symbol: | OTCBB: WEST
|
| Stock price: | $0.02 at close Dec. 18
|
| Market capitalization: | $2.2 million
|
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