Secured note due Jan. 15, 2017 sold to chairman Ryan Drexler in deal
By Devika Patel
Knoxville, Tenn., Dec. 10 – MusclePharm Corp. sold a $6 million convertible secured promissory note to its executive chairman Ryan Drexler on Dec. 7, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 8% note matures on Jan. 15, 2017 and is convertible into common shares at $2.30 per share, a 5.99% premium to the Dec. 4 closing share price of $2.17. It may be prepaid at any time without penalty.
MusclePharm develops sports nutrition products and is based in Denver.
| Issuer: | MusclePharm Corp.
|
| Issue: | Convertible secured promissory note
|
| Amount: | $6 million
|
| Maturity: | Jan. 15, 2017
|
| Coupon: | 8%
|
| Conversion price: | $2.30
|
| Conversion premium: | 5.99%
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Ryan Drexler
|
| Settlement date: | Dec. 7
|
| Stock symbol: | OTCBB: MSLP
|
| Stock price: | $2.17 at close Dec. 4
|
| Market capitalization: | $32.96 million
|
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