Deal sells promissory note due October 2014 to MH Investment Trust
By Devika Patel
Knoxville, Tenn., Jan. 10 - mPhase Technologies, Inc. sold a $40,000 12% convertible promissory note to MH Investment Trust in a private placement on Jan. 8, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note is convertible into common shares at a conversion price equal to 60% or 65% of the lowest trading price of the stock for the 10 trading days preceding conversion. The note matures on Oct. 1, 2014.
Proceeds will be used as working capital.
mPhase, based in Norwalk, Conn., develops broadband communications products.
| Issuer: | mPhase Technologies, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $40,000
|
| Maturity: | Oct. 1, 2014
|
| Coupon: | 12%
|
| Conversion price: | 60% or 65% of the lowest trading price of the stock for the 10 trading days preceding conversion
|
| Warrants: | No
|
| Investor: | MH Investment Trust
|
| Settlement date: | Jan. 8
|
| Stock symbol: | OTCBB: XDSL
|
| Market capitalization: | $8.78 million
|
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