0% original issue discount debentures sold with 200,000 shares in fees
By Devika Patel
Knoxville, Tenn., Dec. 30 – AmbiCom Holdings Inc. arranged a private placement to sell $285,000 of original issue discount convertible debentures on Dec. 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company has raised $160,000 of the proceeds and may raise another $125,000.
The zero-coupon debentures are convertible into common stock 70% of the lowest closing bid price of the stock for the 20 trading days preceding conversion.
In addition, the investor was paid a $5,000 due diligence fee, $5,000 in legal fees and 200,000 restricted common shares.
Based in Milpitasm Calif., the company develops wireless medical products
| Issuer: | AmbiCom Holdings Inc.
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| Issue: | Original issue discount convertible debentures
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| Amount: | $285,000
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| Coupon: | 0%
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| Conversion price: | 70% of the lowest closing bid price of the stock for the 20 trading days preceding conversion
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| Warrants: | No
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| Fees: | $10,000 and 200,000 restricted common shares
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| Pricing date: | Dec. 18
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| Settlement date: | Dec. 18 (for $160,000)
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| Stock symbol: | OTCBB: ABHI
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| Stock price: | $0.13 at close Dec. 17
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| Market capitalization: | $4.22 million
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