Blue Calypso revises terms of $2.4 million 10% convertible debentures

Company reduces conversion price and lowers strike price of warrants

By Devika Patel

Knoxville, Tenn., Sept. 16 - Blue Calypso, Inc. amended its $2.4 million of 10% convertible debentures on Sept. 13, according to an 8-K filed Monday with the Securities and Exchange Commission. The terms of the convertibles were revised to induce the holder to convert the securities.

The conversion price was reduced to $0.13 per share from $0.25 per share. After Dec. 31, the conversion price will revert back to $0.25 per share.

In connection with these changes, the debenture holder's warrants were also revised to induce the investor to exercise the warrants. The strike price was temporarily reduced to $0.05 from $0.10. After Dec. 31, the exercise price will be increased to $0.15.

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