Medical technology developer sells redeemable note due Jan. 7, 2017
By Devika Patel
Knoxville, Tenn., Jan. 14 – Medifirst Solutions Inc. sold a $105,000 convertible redeemable note with a $20,000 original issue discount and a $50,000 convertible redeemable note with no discount as part of a $251,803 private placement on Jan. 7, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced on Jan. 7.
The 8% note is due on Jan. 7, 2017. The conversion price is 55% of the lowest trading price of the stock during the 20 trading days preceding conversion. It may be prepaid at 135 during the first six months.
Settlement of additional $50,000 and $46,803 tranches are expected on March 15 and June 15.
The Freehold, N.J., company develops a line of medical and health-care products and technologies, including a mobile laser unit to treat skin-related concerns and an LED light therapy system to treat pain.
| Issuer: | Medifirst Solutions Inc.
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| Issue: | Convertible redeemable note
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| Amount: | $251,803
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| Maturity: | Jan. 7, 2017
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| Coupon: | 8%
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| Conversion price: | 55% of the lowest trading price of the stock during the 20 trading days preceding conversion
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| Call: | At 135
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| Warrants: | No
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| Pricing date: | Jan. 7
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| Settlement date: | Jan. 7 (for $155,000), March 15 (for $50,000), June 15 (for $46,803)
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| Stock symbol: | OTCBB: MFST
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| Market capitalization: | $242,210
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