Convertible preferreds will each convert into 20 common shares
By Devika Patel
Knoxville, Tenn., Dec. 21 - On-Air Impact, Inc. completed an $8 million private placement of its series A convertible preferred stock on Dec. 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 4 million preferreds at $2.00 apiece. Each preferred converts into 20 common shares.
The private Red Bank, N.J., company provides consulting and analytics services to sports and entertainment industry.
| Issuer: | On-Air Impact, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $8 million
|
| Shares: | 4 million
|
| Price: | $2.00
|
| Conversion ratio: | Into 20 common shares (per preferred)
|
| Warrants: | No
|
| Settlement date: | Dec. 18
|
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