Company sells 10% three-year senior secured notes with $2.00 warrants
By Devika Patel
Knoxville, Tenn., Nov. 14 - Trig Acquisition 1, Inc. settled a $550,000 second tranche of a $5 million private placement of 10% three-year convertible senior secured notes on Nov. 8, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal raised $1.05 million on Oct. 18.
The notes convert to common stock at $1.00 per share.
The investors also received warrants for 12,500 common shares per $25,000 of notes. Each warrant is exercisable at $2.00 for three years.
Based in New York, the private company recently acquired Grilled Cheese, Inc., a public food truck company and grilled cheese franchise operation.
| Issuer: | Trig Acquisition 1, Inc.
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| Issue: | Convertible senior secured notes
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| Amount: | $5 million
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| Maturity: | Three years
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| Coupon: | 10%
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| Conversion price: | $1.00
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| Warrants: | For 12,500 shares per $25,000 of notes
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| Warrant expiration: | Three years
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| Warrant strike price: | $2.00
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| Settlement date: | Oct. 18 (for $1.05 million), Nov. 8 (for $550,000)
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