Convertible promissory note sold to Wings Fund is due March 25, 2014
By Devika Patel
Knoxville, Tenn., April 24 - Warp 9 Inc. sold a $100,000 convertible promissory note to Wings Fund, Inc. on March 25, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 10% note is due on March 25, 2014, and is convertible into common shares at the lesser of $0.015 per share or 50% of the lowest trade price of the stock recorded on any trade day after March 25.
The provider of e-commerce software platforms and services for the catalog and retail industry is based in Santa Barbara, Calif.
| Issuer: | Warp 9 Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $100,000
|
| Maturity: | March 25, 2014
|
| Coupon: | 10%
|
| Conversion price: | The lesser of $0.015 per share or 50% of the lowest trade price of the stock recorded on any trade day after March 25
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Wings Fund, Inc.
|
| Settlement date: | March 25
|
| Stock symbol: | OTCBB: WNYN
|
| Stock price: | $0.01 at close March 22
|
| Market capitalization: | $1.44 million
|
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