Three-year notes being sold for $1.6 million with 12% interest rate
By Devika Patel
Knoxville, Tenn., March 3 - Deltathree, Inc. sold a convertible promissory note to D4 Holdings, LLC on March 2, according to an 8-K filed Thursday with the Securities and Exchange Commission. The investor will lend the company up to $1.6 million for the note, provided that no monthly tranche exceeds $400,000.
The 12% note is due March 2, 2014. It is initially convertible into common shares at $0.08 per share. The conversion price is a 38.46% discount to the March 1 closing price of $0.13.
The company is majority-owned by D4 Holdings.
Deltathree, based in New York, is a provider of integrated voice-over-internet protocol telephony services, products, hosted solutions and infrastructure.
| Issuer: | Deltathree, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $1.6 million
|
| Maturity: | March 2, 2014
|
| Coupon: | 12%
|
| Conversion price: | $0.08
|
| Warrants: | No
|
| Investor: | D4 Holdings, LLC
|
| Settlement date: | March 2
|
| Stock symbol: | OTCBB: DDDC
|
| Stock price: | $0.12 at close March 2
|
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