Notes provide insiders interest of 6% monthly, 8% accrued until due
By Susanna Moon
Chicago, Oct. 5 - Merriman Holdings Inc. said it borrowed $1 million on Sept. 29 from nine individual lenders, who are directors, officers or employees of the company, by way a series of unsecured promissory notes.
The term of the notes is three years, and the coupon has two components: 6% payable in cash monthly and 8% accrued and payable in cash upon maturity.
Additional payment to the lenders at closing comprised a number of the company's common shares equal to 30% of the principal amount lent divided by $3.01 per share.
Proceeds will be used to supplement underwriting capacity and working capital for the company's broker-dealer subsidiary, Merriman Capital, Inc.
Merriman Holdings, formerly Merriman Curhan Ford Group, Inc., is a financial services holding company based in San Francisco.
| Issuer: | Merriman Holdings Inc.
|
| Issue: | Promissory notes
|
| Amount: | $1 million
|
| Maturity: | Three years
|
| Coupon: | 6% payable in cash monthly plus 8% accrued and payable in cash at maturity
|
| Warrants: | No
|
| Settlement date: | Sept. 29
|
| Stock symbol: | Nasdaq: MERR
|
| Stock price: | $2.49 at closing Oct. 5
|
| Market capitalization: | $5 million
|
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