By Devika Patel
Knoxville, Tenn., July 28 - AXS-One Inc. completed a $2.1 million private placement of series D 6% secured convertible promissory notes with seven investors on July 24, according to an 8-K filed Monday with the Securities and Exchange Commission.
The notes mature on May 29, 2009. They may be converted into common stock at a conversion price of $1.00 per share.
The investors also received warrants for 4.2 million shares. The warrants are exercisable at $0.01 per share until July 24, 2015.
Proceeds will be used to fund the company's operations.
Based in Rutherford, N.J., AXS-One provides software for records compliance management.
| Issuer: | AXS-One Inc.
|
| Issue: | Series D secured convertible promissory notes
|
| Amount: | $2.1 million
|
| Maturity: | May 29, 2009
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $1.00
|
| Warrants: | For 4.2 million shares
|
| Warrant expiration: | July 24, 2015
|
| Warrant strike price: | $0.01
|
| Settlement date: | July 24
|
| Stock symbol: | OTCBB: AXSO
|
| Stock price: | $0.48 at close July 28
|
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