MamaMancini’s extends maturity of $2 million convertible debenture

Redeemable debenture held by Manatuck Hill now is due on Dec. 19, 2016

By Devika Patel

Knoxville, Tenn., Nov. 4 – MamaMancini’s Holdings, Inc. said it amended the terms of a $2 million convertible redeemable debenture. The debenture is held by Manatuck Hill Partners, LLC and Manatuck Hill Scout Fund LP.

The maturity of the debenture was extended to Dec. 19, 2016. Manatuck also agreed to forego a $220,000 interest payment, originally due on Dec. 19, 2015. The payment will instead be added to the principal.

As consideration for extending the maturity date, the company agreed to buy 230,000 of its common shares held by Manatuck at $0.65 per share. This purchase price will be added to the debenture’s principal. Manatuck will also receive a $170,500 amendment fee, which will be added to the debenture’s principal.

Based in East Rutherford, N.J. MamaMancini's manufactures and distributes a line of beef meatballs and sauces.

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