MyDx takes in $400,000 via private placement of $440,000 convertibles

Company sells original issue discount note to Adar Bays, Union Capital

By Devika Patel

Knoxville, Tenn., Dec. 24 – MyDx, Inc. settled a $400,000 private placement of four convertible promissory notes with a total principal of $440,000 with Adar Bays, LLC and Union Capital, LLC on Dec. 22, according to an 8-K filed with the Securities and Exchange Commission.

The investors each bought two $110,000 notes, which were sold with a 10% original issue discount, for $100,000 per note.

The 8% note matures Dec. 21, 2017 and is convertible into common stock after six months. The conversion price is equal to 60% of the average of the two lowest closing bid prices of the stock during the 15 preceding trading days, including the day the conversion notice is received.

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:	$440,000
Maturity:	Dec. 21, 2017
Price:	10% discount, or $400,000
Coupon:	8%
Conversion price:	60% of the average of the two lowest closing bid prices of the stock during the 15 preceding trading days, including the day the conversion notice is received
Call:	In the first 180 days
Warrants:	No
Investor:	Adar Bays, LLC (bought $220,000 of notes for $200,000) and Union Capital, LLC (bought $220,000 of notes for $200,000)
Settlement date:	Dec. 22
Stock symbol:	OTCBB: MYDX
Stock price:	$0.64 at close Dec. 21
Market capitalization:	$13.52 million

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