Kodiak Capital agrees to purchase common shares over three-year period
By Devika Patel
Knoxville, Tenn., Feb. 1 - Medical Billing Assistance, Inc. arranged an investment agreement with Kodiak Capital Group, LLC on Jan. 26, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The three-year deal is for $7 million.
Kodiak has committed to purchase up to $7 million of the company's common shares over three years at a purchase price equal to 90% of the lowest closing bid price during the five trading days following the drawdown notice.
The shares will be sold in tranches of up to either $1 million or 200% of the average daily volume of the common stock for the three trading days preceding a drawdown notice multiplied by the average closing price for those days.
The Melbourne, Fla., company provides billing services to the medical community.
| Issuer: | Medical Billing Assistance, Inc.
|
| Issue: | Investment agreement
|
| Amount: | $7 million
|
| Tenor: | Three years
|
| Price: | 90% of lowest closing bid price over five trading days following drawdown notice
|
| Warrants: | No
|
| Investor: | Kodiak Capital Group, LLC
|
| Pricing date: | Jan. 26
|
| Stock symbol: | OTCBB: MDBL
|
| Stock price: | $1.14 at close Jan. 25
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
