Offering sells convertible preferreds, warrants for 7,510,895 shares
By Devika Patel
Knoxville, Tenn., May 31 - BillMyParents, Inc. said it raised $4.52 million through a private placement of series B convertible preferred stock on May 24, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 4,517 series B preferred shares with five-year warrants for 7,510,895 common shares.
The preferreds are convertible into a total of 11,293,578 common shares.
Of the warrants, 6.25 million are exercisable at $0.50, with the remaining 1,260,895 exercisable at $0.60. The strike prices are 25% and 50% premiums to the May 23 closing share price of $0.40.
San Diego's BillMyParents offers online and traditional retail payment platforms designed to enable parents and young people to collaborate toward the goal of responsible spending.
| Issuer: | BillMyParents, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $4,517,431
|
| Units: | 4,517
|
| Conversion ratio: | Into 11,293,578 common shares
|
| Warrants: | For 7,510,895 shares
|
| Warrant expiration: | Five years
|
| Warrant strike prices: | $0.50 (for 6.25 million shares), $0.60 (for 1,260,895 shares)
|
| Settlement date: | May 24
|
| Stock symbol: | OTCBB: BMPI
|
| Stock price: | $0.40 at close May 23
|
| Market capitalization: | $39.31 million
|
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