Preferreds sold at $100 apiece with five-year warrant coverage
By Devika Patel
Knoxville, Tenn., Feb. 24 – True Drinks Holdings, Inc. raised $4.3 million in a private placement of series C convertible preferred stock on Feb. 20, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced on Feb. 18.
The company sold 43,000 preferreds at $100 per preferred. Each preferred converts to common stock at $0.15 per share, which is a 7.14% premium to the Feb. 17 closing share price of $0.14.
Investors also received 35% warrant coverage. Each warrant is exercisable at $0.15 for five years. The strike price is also a 7.14% premium to the Feb. 17 closing share price.
The beverage company is based in Irvine, Calif.
| Issuer: | True Drinks Holdings, Inc.
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| Issue: | Series C convertible preferred stock
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| Amount: | $4.3 million
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| Preferreds: | 43,000
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| Price: | $100
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| Conversion price: | $0.15
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| Warrants: | 35% coverage
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.15
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| Pricing date: | Feb. 18
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| Settlement date: | Feb. 20
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| Stock symbol: | OTCBB: TRUU
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| Stock price: | $0.14 at close Feb. 17
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| Market capitalization: | $7.13 million
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