8% convertible promissory notes sold in units with five-year warrants
By Devika Patel
Knoxville, Tenn., Feb. 17 – BioHiTech Global Inc. settled a $2.5 million private placement of debt units on Feb. 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Maxim Group LLC was the agent.
The company sold 50 units of a $50,000 convertible promissory note and 100% warrant coverage at $50,000 per unit.
The 8% convertible is due on Feb. 10, 2018 and initially converts to stock at $3.75 per share.
The five-year warrants are initially exercisable at $4.50, a 4.65% premium to the Feb. 9 closing share price of $4.30. The conversion price is a 12.79% discount to that price.
The green technology company is based in Chestnut Ridge, N.Y.
| Issuer: | BioHiTech Global Inc.
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| Issue: | Units of a $50,000 convertible promissory note and 100% warrant coverage
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| Amount: | $2.5 million
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| Units: | 50
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| Price: | $50,000
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| Maturity: | Feb. 10, 2018
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| Coupon: | 8%
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| Conversion price: | $3.75
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| Warrants: | 100% warrants coverage
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| Warrant expiration: | Five years
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| Warrant strike price: | $4.50
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| Agent: | Maxim Group LLC
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| Settlement date: | Feb. 10
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| Stock symbol: | OTCBB: BHTG
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| Stock price: | $4.30 at close Feb. 9
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| Market capitalization: | $33.66 million
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