By Sheri Kasprzak
Atlanta, May 5 - MobilePro Corp. said it has closed a private placement of a convertible note for $15.5 million.
The note was sold to Cornell Capital Partners LP.
The note bears interest at 7.75% annually, matures in three years and is convertible into common shares at $0.30 each.
Cornell also received warrants for 6 million shares, exercisable at $0.50 each.
The note replaces a 23% bridge financing the company received from a Connecticut-based hedge fund.
The deal is expected to close in two weeks.
Based in Bethesda, Md., MobilePro is a wireless technology and broadband telecommunications company.
| Issuer: | MobilePro Corp.
|
| Issue: | Convertible note
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| Amount: | $15.5 million
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| Maturity: | Three years
|
| Coupon: | 7.75%
|
| Price: | Par
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| Yield: | 7.75%
|
| Conversion price: | $0.30
|
| Warrants: | For 6 million shares
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| Warrant strike price: | $0.50
|
| Investor: | Cornell Capital Partners LP
|
| Announcement date: | May 5
|
| Stock price: | $0.261 at close May 5
|
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