Catcher amends terms for 10% convertible secured promissory notes sold in PIPEs

By Devika Patel

Knoxville, Tenn., Jan. 3 - Catcher Holdings, Inc. amended the terms of the $4,626,000 of 10% convertible secured promissory notes the company sold between June 20 and Aug. 21, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The amendment extends each note's maturity to 240 days from 180 days and waives any events of default, which may have occurred on or before Dec. 27.

The notes also were amended to convert automatically if the company completes a private placement of shares for at least $5 million with a price per share of at least $0.50.

Holders may no longer elect repayment at the settlement date of another financing, but in exchange for these concessions, the notes' par value is being increased by 7.692%.

Based in Leesburg, Va., Catcher develops a wireless, handheld global positioning system.

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