Convertible promissory note is expected to mature on Feb. 19, 2017
By Devika Patel
Knoxville, Tenn., Aug. 21 – Warp 9 Inc. sold a $250,000 convertible promissory note on Aug. 19, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 10% note is due on Feb. 19, 2017 and is convertible into common shares at the lesser of $0.015 per share, 50% of the lowest trade price of the stock on any trading date after Aug. 19 or the lowest effective price per share granted to any person or entity after Aug. 19 to acquire common stock.
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.
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| Issue: | Convertible promissory note
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| Amount: | $250,000
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| Maturity: | Feb. 19, 2017
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| Coupon: | 10%
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| Conversion price: | The lesser of $0.015 per share, 50% of the lowest trade price of the stock on any trading date after Aug. 19 or the lowest effective price per share granted to any person or entity after Aug. 19 to acquire common stock
|
| Warrants: | No
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| Settlement date: | Aug. 19
|
| Stock symbol: | OTCBB: WNYN
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| Stock price: | $0.02 at close Aug. 18
|
| Market capitalization: | $1.8 million
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