Each preferred share convertible into two common shares
By Jennifer Chiou
New York, Jan. 17 - MusclePharm Corp. will place up to 1.5 million shares of its series D convertible preferred stock at $8.00 per share, according to a 424B4 filed with the Securities and Exchange Commission.
The up to $12 million offering is being conducted by GVC Capital LLC as placement agent.
The preferreds are accompanied by the 3 million common shares into which the preferreds are convertible.
The preferred shares are not listed on an exchange.
Settlement is expected Jan. 17.
Partial proceeds will be used for, among other things, a $1 million repayment of a bridge loan used for working capital and a $3.5 million repayment of outstanding debt held by non-affiliated parties.
MusclePharm develops sports nutrition products and is based in Denver.
| Issuer: | MusclePharm Corp.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $12 million (maximum)
|
| Preferreds: | 1.5 million shares
|
| Price: | $8.00
|
| Warrants: | No
|
| Conversion: | Into two common shares per preferred
|
| Agent: | GVC Capital LLC (lead)
|
| Announcement date: | Jan. 17
|
| Settlement date: | Jan. 17
|
| Stock symbol: | OTCBB: MSLPD
|
| Stock price: | $4.20 at close Jan. 16
|
| Market capitalization: | $12.05 million
|
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