10% three-year convertible promissory notes were sold to CJY Holdings
By Devika Patel
Knoxville, Tenn., Oct. 30 – Boston Therapeutics, Inc. sold another $300,000 convertible promissory note to CJY Holdings Ltd. on Oct. 20, according to an 8-K filed Thursday with the Securities and Exchange Commission. The investor bought $750,000 of the convertibles on Sept. 24.
The 10% note is due in three years and is convertible into common shares at $0.05 per share. The conversion price is a 61.54% discount to the Sept. 23 closing share price of $0.13.
The Manchester, N.H., company makes and commercializes therapeutic drugs and dietary supplements with a focus on glyco-pathology, a specialized field involving understanding the importance of carbohydrates in biochemistry and progression of diseases.
| Issuer: | Boston Therapeutics, Inc.
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| Issue: | Convertible promissory note
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| Amount: | $1.05 million
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| Maturity: | Three years
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| Coupon: | 10%
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| Conversion price: | $0.05
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| Warrants: | No
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| Investor: | CJY Holdings Ltd.
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| Settlement date: | Sept. 24 (for $750,000), Oct. 20 (for $300,00)
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| Stock symbol: | OTCBB: BTHE
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| Stock price: | $0.13 at close Sept. 23
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| Market capitalization: | $3.91 million
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