Note sold to Michaelson Capital Special Finance Fund in December 2013
By Devika Patel
Knoxville, Tenn., April 15 – Tecogen Inc. increased a private placement of senior convertible promissory notes with Michaelson Capital Special Finance Fund to $3.15 million from $3 million on April 14, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal raised $3 million on Dec. 23, 2013.
The 4% convertible will now mature on Dec. 23, 2018, extended from Dec. 23, 2016. It converts to stock at $3.54 per share, decreased from $5.40 per share. The new conversion price is a 24.84% discount to the April 13 closing share price of $4.71.
Based in Waltham, Mass., Tecogen is a manufacturer of natural-gas-fueled, engine-driven, combined heat and power products that aim to reduce energy costs, greenhouse gas emissions and congestion on the national power grid.
| Issuer: | Tecogen Inc.
|
| Issue: | Senior convertible promissory note
|
| Amount: | $3.15 million
|
| Maturity: | Dec. 23, 2018
|
| Coupon: | 4%
|
| Conversion price: | $3.54
|
| Warrants: | No
|
| Investor: | Michaelson Capital Special Finance Fund LP
|
| Settlement date: | Dec. 23, 2013 (for $3 million)
|
| Revised: | April 14, 2016
|
| Stock symbol: | Nasdaq: TGEN
|
| Stock price: | $4.71 at close on April 13
|
| Market capitalization: | $72.62 million
|
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