Company receives loans from director affiliate and shareholder
By Marisa Wong
Morgantown, W.Va., Aug. 28 – Authentidate Holding Corp. received loan proceeds totaling $400,000 from two separate lenders, MKA 79 LLC and Lazarus Investment Partners LLLP, on Aug. 26. As evidence of the loans, Authentidate issued a $200,000 promissory note to each of the lenders, according to an 8-K filed Friday with the Securities and Exchange Commission.
The loans bear interest at 20% per year and are due on the earliest of (a) Aug. 26, 2016; (b) within 30 days of the closing of the company’s planned acquisition of Peachstate Health Management, LLC (d/b/a AEON Clinical Laboratories); or (c) the closing of a sale of equity or debt securities, or series of closings, as part of the same transaction, of equity or debt securities within a period of 90 days, with proceeds totaling at least $5 million.
The notes are convertible into any alternative financing that may be undertaken by Authentidate while the notes are outstanding, the filing noted.
MKA 79 is affiliated with David Luce, who is a member of Authentidate’s board of directors. Lazarus is the beneficial owner of about 29.4% of Authentidate’s common stock.
Berkeley Heights, N.J.-based Authentidate provides secured web-based software applications and telehealth products and services to health-care providers.
| Issuer: | Authentidate Holding Corp.
|
| Issue: | Convertible promissory notes
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| Amount: | $400,000
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| Maturity: | Earliest of Aug. 26, 2016; within 30 days of the closing of the company’s planned acquisition of Peachstate Health Management, LLC (d/b/a AEON Clinical Laboratories); or the closing of a sale of equity or debt securities with proceeds totaling at least $5 million
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| Coupon: | 20%
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| Investors: | MKA 79 LLC (for $200,000) and Lazarus Investment Partners LLLP (for $200,000)
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| Settlement date: | Aug. 26
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| Stock symbol: | Nasdaq: ADAT
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| Stock price: | $0.29 at close Aug. 25
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| Market capitalization: | $12.17 million
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