By Sheri Kasprzak
New York, Dec. 23 - TrueYou.Com, Inc. said it has completed a private placement of series D convertible preferred stock for $15.3 million.
The company sold 1,530 shares of the preferreds at $1,000 each to North Sound Capital LLC and Valesco Capital Management LP.
The preferreds are initially convertible into a total of 507,545,142 common shares.
The investors also received warrants for 2,394.8396 shares, exercisable at a price equal to the exercise price of the series B preferred warrants - $2,112.54 - divided by the conversion ratio. The warrants expire Sept. 21, 2010.
Also, the company issued 27,926.4689 shares of series B convertible preferred stock and 8,452.0222 shares of series C convertible preferred stock to the shareholders of Advanced Aesthetics, Inc. in exchange for all of AAI's common stock.
Each series B preferred and each series C preferred is convertible into 10,000 common shares.
The AAI holders also received warrants for 3,970.0363 shares of series B preferred stock. The warrants are exercisable at $2,112.54 each for five years.
Based in New York, TrueYou.Com develops self-improvement products like books and tapes.
| Issuer: | TrueYou.Com, Inc.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $15.3 million
|
| Shares: | 1,530
|
| Price: | $1,000
|
| Conversion ratio: | Into 507,545,142 common shares
|
| Warrants: | For 2,394.8396 shares
|
| Warrant expiration: | Sept. 21, 2010
|
| Warrant strike price: | Equal to the strike price of the series B preferred warrants - $2,112.54 - divided by the conversion ratio
|
| Investors: | North Sound Capital LLC and Valesco Capital Management LP
|
| Settlement date: | Dec. 22
|
| Stock price: | $0.25 at close Dec. 22
|
|
|
© 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.
