Convertible notes due March 20, 2013 sold with 50% warrant coverage
By Devika Patel
Knoxville, Tenn., Sept. 25 - As Seen On TV, Inc. sold $1.28 million of 12% senior secured convertible notes in a private placement on Sept. 20, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note matures on March 20, 2013 and is initially convertible into common stock at a price equal to a 20% discount to the average daily volume-weighted average price of the stock for the 10 trading days immediately preceding the maturity date.
The investors also received 50% warrant coverage. Each warrant is exercisable at $0.80 for three years. The strike price is a 6.67% premium to the Sept. 19 closing share price of $0.75.
Based in South Pasadena, Calif., As Seen On TV identifies, develops and markets consumer products for global distribution.
| Issuer: | As Seen On TV, Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $1,275,000
|
| Maturity: | March 20, 2013
|
| Coupon: | 12%
|
| Warrants: | 50% coverage
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.80
|
| Settlement date: | Sept. 20
|
| Stock symbol: | OTCBB: ASTV
|
| Stock price: | $0.75 at close Sept. 19
|
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