By Devika Patel
Knoxville, Tenn., June 3 - ANTs Software Inc. completed a $2 million private placement of a 10% convertible promissory note on May 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note matures on Jan. 31, 2011 and is convertible into common shares at $0.80.
The company also said it completed a merger of subsidiary ANTs Holdings, Inc. into Inventa Technologies, Inc., with Inventa surviving as the merged corporation and an ANTs subsidiary.
ANTs also noted in the filing that it has amended the terms of an existing $1.5 million convertible promissory note. The note's conversion price was lowered to $1.20 per share and its expiration date was extended to Jan. 31, 2011.
Located in Burlingame, Calif., ANTs develops database management software.
| Issuer: | ANTs Software Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $2 million
|
| Maturity: | Jan. 31, 2011
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.80
|
| Warrants: | No
|
| Settlement date: | May 30
|
| Stock symbol: | OTCBB: ANTS
|
| Stock price: | $1.10 at close May 30
|
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