Private company sells 1 million 10% series B preferreds at $0.50 each
By Devika Patel
Knoxville, Tenn., Dec. 30 - Bright Mountain Holdings, Inc. completed a $500,000 placement of 10% series B convertible preferred stock on Dec. 27, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 1 million preferreds at $0.50 per preferred. The preferreds convert to common shares at a one to one ratio, and the company may force conversion after five years. The dividend is payable in common shares at the rate of one common share for every 10 preferreds.
The private Boca Raton, Fla., company operates an internet portal that groups websites by category and allows users to shop, get information, and find services and entertainment.
| Issuer: | Bright Mountain Holdings, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $500,000
|
| Preferreds: | 1 million
|
| Price: | $0.50
|
| Dividends: | 10%
|
| Conversion ratio: | One to one
|
| Call: | After five years
|
| Warrants: | No
|
| Settlement date: | Dec. 27
|
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