Units consist of 17,094 series A preferreds, warrant for 10,000 shares
By Devika Patel
Knoxville, Tenn., July 25 – One Horizon Group, Inc. completed a $1 million private placement of its 10% series A redeemable convertible preferred stock on July 21, according to an 8-K filed Friday with the Securities and Exchange Commission. TriPoint Global Equities, LLC was the agent.
The company sold 10 units of 17,094 preferreds and warrants for 10,000 shares at $100,000 per unit.
The preferreds are convertible into 17,094 common shares at $5.85 per share for two years. The preferreds will automatically convert at maturity. The conversion price is a 41.3% premium to the July 18 closing share price of $4.14. The preferreds may be put after one year.
The warrant is exercisable at $4.00 for three years. The strike price reflects a 3.38% discount to the July 18 closing share price.
The telecommunications company is based in Baar, Switzerland.
| Issuer: | One Horizon Group, Inc.
|
| Issue: | Units of 17,094 series A redeemable convertible preferred shares and warrants for 10,000 shares
|
| Amount: | $1 million
|
| Units: | 10
|
| Price: | $100,000
|
| Maturity: | Two years
|
| Dividends: | 10%
|
| Conversion price: | $5.85
|
| Conversion ratio: | Into 17,094 common shares
|
| Put: | Yes
|
| Warrants: | Warrants for 10,000 shares per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $4.00
|
| Agent: | TriPoint Global Equities, LLC
|
| Settlement date: | July 21
|
| Stock symbol: | Nasdaq: OHGI
|
| Stock price: | $4.14 at close July 18
|
| Market capitalization: | $132.4 million
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