Company sells convertible promissory note to Vista through offering
By Devika Patel
Knoxville, Tenn., May 27 – MyDx, Inc. settled a private placement of a $275,000 convertible promissory note with Vista Capital Investments, LLC on May 24, according to an 8-K filed Friday with the Securities and Exchange Commission. The note was sold with a 10% original issue discount.
The 10% note matures May 24, 2018 and is convertible into common stock after six months. 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 90 days at 120 and in the first 180 days at 130.
The 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: | $275,000
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| Maturity: | May 24, 2018
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| Price: | 10% discount
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| Coupon: | 10%
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| Conversion price: | 50% of the average of the two lowest closing prices of the stock during the 15 trading days preceding conversion
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| Call: | In the first 90 days at 120, at 130 in the first 180 days
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| Warrants: | No
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| Investor: | Vista Capital Investments, LLC
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| Settlement date: | May 24
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| Stock symbol: | OTCBB: MYDX
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| Stock price: | $0.19 at close May 23
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| Market capitalization: | $4.22 million
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