By Jennifer Chiou
New York, Oct. 21 - Tri-Mark Mfg., Inc. entered into a subscription agreement under which it raised gross proceeds of $2.1 million via an issue of convertible notes, according to an 8-K filing with the Securities and Exchange Commission.
On Oct. 15, the company entered into a merger agreement with its wholly owned subsidiary to be incorporated as a Delaware corporation instead of as a California corporation. With the change to its certificate of incorporation, the company changed its name to FTOH Corp.
The notes will mature in six months and will bear interest at 6% per year.
Holders will have the right to convert their securities at a conversion price of $1.40 per share.
If the company issues shares of its common stock at less than $1.00 apiece within 18 months after conversion of the notes, the conversion price will automatically be reduced to the lower price.
If an event of default is to occur, the securities will then bear interest at 18% annually.
The designer and marketer of branded jewelry was based in Los Angeles.
| Issuer: | Tri-Mark Mfg., Inc.
|
| Issue: | Convertible notes
|
| Amount: | $2.1 million
|
| Maturity: | Six months
|
| Coupon: | 6%
|
| Conversion price: | $1.40
|
| Announcement date: | Oct. 21
|
| Stock symbol: | OTCBB: TIMR
|
| Stock price: | $1.20 at close Oct. 13
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
