By Devika Patel
Knoxville, Tenn., March 10 - BAXL Technologies, Inc. arranged a $4 million private placement of secured convertible notes and warrants on March 5, according to an 8-K filing with the Securities and Exchange Commission Monday. The company also completed a $200,000 tranche on March 5, the pricing date.
Edward H. Arnold, a company director, and other investors will buy the notes and also receive warrants for a number of common shares equal to 15% of the principal amount of the purchased note divided by $1.50.
The warrants are exercisable until February 2013 at $1.88 per share.
The notes have a 9% coupon and will mature in August.
Upon maturity, the principal will either be repaid or converted into common shares, at the holder's option.
The conversion price will be the lesser of $1.50 and 75% of the price of BAXL Holdings, Inc's common shares in its next private placement.
BAXL Technologies is a subsidiary of BAXL Holdings. The private technology company is based in Bethel, Conn.
| Issuer: | BAXL Technologies, Inc.
|
| Issue: | Secured convertible notes, warrants
|
| Amount: | $2 million
|
| Maturity: | August
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | Lesser of $1.50 and 75% of the price of BAXL Holdings, Inc's common shares in its next private placement
|
| Warrants: | For a number of shares equal to 15% of the note's principal divided by $1.50
|
| Warrant expiration: | February 2013
|
| Warrant strike price: | $1.88
|
| Pricing date: | March 5
|
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