MyDx completes $50,000 private placement of $60,000 convertible note

Company sells original issue discount note to Kodiak Capital Group

By Devika Patel

Knoxville, Tenn., Dec. 16 – MyDx, Inc. settled a private placement of a $60,000 convertible promissory note with Kodiak Capital Group, LLC for $50,000 on Dec. 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The note was sold with a $10,000 original issue discount.

The 12% note matures Dec. 10, 2016, and is convertible into common stock after 180 days. The conversion price is equal to 50% of the average of the three lowest closing prices of the stock during the 10 trading days preceding conversion.

The note may be prepaid in the first 180 days.

The science and technology company is based in San Diego.

Issuer:	MyDx, Inc.
Issue:	Convertible promissory note
Amount:	$60,000
Maturity:	Dec. 10, 2016
Price:	$10,000 discount, or $50,000
Coupon:	12%
Conversion price:	50% of the average of the three lowest closing prices of the stock during the 10 trading days preceding conversion
Call:	In the first 180 days
Warrants:	No
Investor:	Kodiak Capital Group, LLC
Settlement date:	Dec. 10
Stock symbol:	OTCBB: MYDX
Stock price:	$0.75 at close Dec. 9
Market capitalization:	$14.16 million

© 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.