Debentures convert to stock at $0.30 per share, a 73.68% discount
By Devika Patel
Knoxville, Tenn., April 27 - Luxeyard, Inc. completed a $2.99 million private placement of 10% convertible debentures on April 24, according to an 8-K filed Friday with the Securities and Exchange Commission.
The debentures are due in two years, and convert into common shares at $0.30 per share, which reflects a 73.68% discount to $1.14, the April 23 closing share price.
Based in Los Angeles, Luxeyard is an operator of an e-commerce marketplace for luxury home and other consumer products at a discount.
| Issuer: | Luxeyard, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $2.99 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Conversion price: | $0.30
|
| Warrants: | No
|
| Settlement date: | April 24
|
| Stock symbol: | Pink Sheets: LUXR
|
| Stock price: | $1.14 at close April 23
|
| Market capitalization: | $77.21 million
|
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