5% note due Dec. 31, 2017 is convertible into stock at $4.01 per share
By Devika Patel
Knoxville, Tenn., Jan. 7 – Tofutti Brands Inc. sold a $500,000 5% convertible promissory note to chief executive officer and chairman of the board of directors David Mintz on Jan. 6, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note is due Dec. 31, 2017 and may be converted into common shares at $4.01 per share, which is identical to the Jan. 5 closing share price. The note may be prepaid.
The Cranford, N.J., company sells non-dairy frozen desserts and other food products.
| Issuer: | Tofutti Brands Inc.
|
| Issue: | Convertible promissory note, convertible into units of one common share and a half-share warrant
|
| Amount: | $500,000
|
| Maturity: | Dec. 31, 2017
|
| Coupon: | 5%
|
| Conversion price: | $4.01
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | David Mintz
|
| Settlement date: | Jan. 6
|
| Stock symbol: | NYSE: TOF
|
| Stock price: | $4.01 at close Jan. 5
|
| Market capitalization: | $20.67 million
|
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