10% one-year convertible note is convertible at $0.015 per share
By Devika Patel
Knoxville, Tenn., Dec. 15 – Dolphin Digital Media, Inc. sold a $3,164,000 convertible note on Dec. 7, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 10% note is due in one year and is convertible into common shares at $0.015 per share. The conversion price is an 89.29% discount to the Dec. 4 closing share price of $0.14. The note may be prepaid in whole or in part at any time at par, and the company may force conversion.
The digital content producer is based in Coral Gables, Fla.
| Issuer: | Dolphin Digital Media, Inc.
|
| Issue: | Convertible note
|
| Amount: | $3,164,000
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Conversion price: | $0.015
|
| Call: | At any time at par
|
| Warrants: | No
|
| Settlement date: | Dec. 7
|
| Stock symbol: | OTCBB: DPDM
|
| Stock price: | $0.14 at close Dec. 4
|
| Market capitalization: | $14.74 million
|
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