Medical technology developer offers 8% convertible redeemable notes
By Devika Patel
Knoxville, Tenn., May 6 – Medifirst Solutions Inc. arranged to sell $115,500 of 8% convertible redeemable notes in a private placement for $105,000 on May 2, according to an 8-K filed Friday with the Securities and Exchange Commission. It has already sold $57,750 of notes for $52,500.
The first-tranche note is due on May 2, 2017. The second-tranche note, which will be identical to the first, will have a tenor of one year.
During the first six months, the notes may be prepaid at 135.
After six months, the notes are convertible into common stock at a conversion price equal to 55% of the lowest trading price of the stock during the 20 trading days preceding conversion.
The Freehold, N.J., company develops 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.
|
| Issue: | Convertible redeemable notes
|
| Amount: | $115,500
|
| Tenor: | One year
|
| Price: | $105,000
|
| Coupon: | 8%
|
| Conversion price: | 55% of the lowest trading price of the stock during the 20 trading days preceding conversion
|
| Call option: | At 135 for first six months
|
| Warrants: | No
|
| Settlement date: | May 2 ($57,750 of notes for $52,500)
|
| Stock symbol: | OTCBB: MFST
|
| Stock price: | $0.01 at close April 29
|
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