Investor CEO Gordon may convert note at $10.00 per unit
By Marisa Wong
Morgantown, W.Va., Aug. 27 – Cambridge Capital Acquisition Corp. issued an $80,000 convertible promissory note to its chief executive officer Benjamin Gordon on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.
The note may be converted into 8,000 units of one common share and one warrant at $10.00 per unit, with each warrant exercisable at $11.50 for five years after the company’s initial business combination. The terms of the units are identical to those of the units issued in the company’s initial public offering in December 2013.
The conversion price is a 0.5% premium to the July 29 closing share price of $9.95. The strike price is a 15.6% premium to the July 29 closing price.
The blank check company is based in West Palm Beach, Fla.
| Issuer: | Cambridge Capital Acquisition Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $80,000
|
| Conversion price: | $10.00 per unit
|
| Warrants: | One per unit upon conversion
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $11.50
|
| Investor: | Benjamin Gordon
|
| Settlement date: | Aug. 26
|
| Stock symbol: | Nasdaq: CAMBU
|
| Stock price: | $9.95 at close July 29
|
| Market capitalization: | $104.82 million
|
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