By Sheri Kasprzak
New York, Feb. 2 - Warp Technology Holdings, Inc. said it entered into agreements for a $1,375,000 private placement of convertible promissory notes.
Vision Opportunity Master Fund, Ltd. agreed to buy the 10% notes, which are due within 60 days upon demand for payment. The notes are convertible into common shares at $1.25 each.
The investor will receive warrants equal to 75% of the shares issuable upon conversion. The warrants are exercisable at $1.25 each.
The notes will automatically convert at maturity.
Upon closing, the investor, as well as investors in a previous financing of series E preferred stock, will have the option, for 15 months, to buy up to $10 million in common shares of Warp at the lesser of $2.00 or a 20% discount to the 30-day average price of the company's stock.
Based in Greenwich, Conn., and operating under the name Halo Technology Holdings, Inc., Warp Technology makes software to speed the delivery of web-based content.
| Issuer: | Warp Technology Holdings, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $1,375,000
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| Maturity: | Within 60 days upon demand for payment
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| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $1.25
|
| Warrants: | Equal to 75% of the shares issuable upon conversion
|
| Warrant strike price: | $1.25
|
| Investor: | Vision Opportunity Master Fund, Ltd.
|
| Announcement date: | Feb. 2
|
| Stock symbol: | OTCBB: WARP
|
| Stock price: | $1.70 at close Feb. 2
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