Company sells 100 million shares at $0.01 each with five-year warrants
By Devika Patel
Knoxville, Tenn., July 19 - MusclePharm Corp. settled a $1 million private placement of stock on July 13, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 100 million common shares at $0.01 apiece. The price per share reflects a 50% discount to the July 12 closing share price of $0.02.
Investors also received warrants for 50 million shares, which are each exercisable at $0.01 for five years. The strike price also is a 50% discount to the July 12 closing share price.
MusclePharm develops sports nutrition products and is based in Denver.
| Issuer: | MusclePharm Corp.
|
| Issue: | Common stock
|
| Amount: | $1 million
|
| Shares: | 100 million
|
| Price: | $0.01
|
| Warrants: | For 50 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.01
|
| Settlement date: | July 13
|
| Stock symbol: | OTCBB: MSLP
|
| Stock price: | $0.02 at close July 12
|
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