Company sells convertible promissory note to Crown Bridge Partners
New York, May 16 – MyDx, Inc. settled a private placement of a $50,000 convertible promissory note with Crown Bridge Partners, LLC on May 10, according to an 8-K filed Monday with the Securities and Exchange Commission.
The note was sold with an original issue discount of $5,000 and there was also $2,000 in legal fees, leaving $43,000 for the company.
The 8% note matures on May 10, 2017.
After six months, the notes can be converted into common stock at a price equal to 50% of the lowest trading price of the stock during the 20 trading days preceding conversion.
If the stock trades below $0.10 for two consecutive trading days, then the discount will be increased by 10%.
During the first 90 days the note may be prepaid at 120% and at 130% during the next 90 days. It is non-callable after 180 days.
MyDx announced on May 10 that it had settled a private placement of a $55,750 convertible promissory note with Auctus Fund, LLC on May 6. The note was sold for $50,000, which includes in $5,750 fees.
That 10% note matures on Feb. 6, 2017 and is convertible into common stock after 180 days. The conversion price is equal to 50% of the average of the two lowest closing prices of the stock during the 15 trading days preceding conversion.
The note may be prepaid in the first 180 days at 110.
MyDx is a science and technology company is based in San Diego.
| Issuer: | MyDx, Inc.
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| Issue: | Convertible promissory note
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| Amount: | $50,000
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| Maturity: | May 10, 2017
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| Price: | $45,000
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| Coupon: | 10%
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| Conversion price: | 50% of the lowest trading price of the stock during the 20 trading days preceding conversion
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| Call: | At 120 in first 90 days, at 130 in next 90 days, then non-callable
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| Warrants: | No
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| Investor: | Crown Bridge Partners, LLC
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| Settlement date: | May 10
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| Stock symbol: | OTCBB: MYDX
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| Stock price: | $0.45 at close May 10
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| Market capitalization: | $9 million
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