By Devika Patel
Knoxville, Tenn., Dec. 17 - Celsius Holdings, Inc. completed a $2 million private placement of 10% series B preferred shares on Dec. 12, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 2,000 preferreds were sold to CDS Ventures, LLC.
They may be converted into common stock. Until Dec. 31, 2010, the conversion price is $0.05, after which the conversion price is the greater of $0.05 or 90% of the volume-weighted average price of the common stock for the prior 10 trading days.
Based in Delray Beach, Fla., Celsius specializes in business communications.
| Issuer: | Celsius Holdings, Inc.
|
| Issue: | Series B preferred shares
|
| Amount: | $2 million
|
| Shares: | 2,000
|
| Dividends: | 10%
|
| Conversion price: | $0.05 until Dec. 31, 2010; the greater of $0.05 or 90% of the volume weighted average price of the common stock for the prior 10 trading days
|
| Warrants: | No
|
| Settlement date: | Dec. 12
|
| Stock symbol: | OTCBB: CSUH
|
| Stock price: | $0.04 at close Dec. 12
|
| Market capitalization: | $6.51 million
|
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