Zero-coupon note proceeds for funding working capital
By Marisa Wong
Madison, Wis., March 9 – Cambridge Capital Acquisition Corp. issued a $70,000 promissory note on March 6 to Benjamin Gordon, its chief executive officer, director and secretary, according to an 8-K filing with the Securities and Exchange Commission.
Payment of the zero-coupon note is due upon completion of a business combination.
The note is also convertible upon consummation of a business combination. The note is convertible at $10.00 per unit, with each unit consisting of one common share and one common share purchase warrant.
The conversion price reflects a 1% discount to the March 5 closing share price.
These units will be identical to the units issued in connection with the company’s initial public offering.
The company issued this note in consideration for a loan from Gordon to fund the company’s working capital requirements until that business combination is completed.
The note will only be repaid if a business combination takes place, the filing noted.
The blank check company is based in West Palm Beach, Fla.
| Issuer: | Cambridge Capital Acquisition Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $70,000
|
| Maturity: | Upon completion of a business combination
|
| Coupon: | 0%
|
| Conversion price: | $10.00 per unit of one common share and one warrant
|
| Investor: | Benjamin Gordon
|
| Settlement date: | March 6
|
| Stock symbol: | Nasdaq: CAMB
|
| Stock price: | $9.90 at close March 5
|
| Market capitalization: | $103.98 million
|
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