Convertible promissory note sold to CEO Benjamin Gordon in offering
By Devika Patel
Knoxville, Tenn., June 9 – Cambridge Capital Acquisition Corp. sold a $100,000 convertible promissory note to its chief executive officer Benjamin Gordon on June 8, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note may be converted into 10,000 units of one common share and one warrant at $10.00 per unit, with each five-year warrant exercisable at $11.50, after the company’s initial business combination. The conversion price is a 0.81% premium to the June 5 closing share price of $9.92.
If a business combination is not completed, the note will not be repaid and its principal will be forgiven.
The blank check company is based in West Palm Beach, Fla.
| Issuer: | Cambridge Capital Acquisition Corp.
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| Issue: | Convertible promissory note
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| Amount: | $100,000
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| Conversion price: | $10.00 per unit
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| Warrants: | One per unit upon conversion
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| Warrant expiration: | Five year
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| Warrant strike price: | $11.50
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| Investor: | Benjamin Gordon
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| Settlement date: | June 8
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| Stock symbol: | Nasdaq: CAMB
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| Stock price: | $9.92 at close June 5
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| Market capitalization: | $106.4 million
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