Deal with Michael Reger includes two-year warrants for 324,074 shares
By Devika Patel
Knoxville, Tenn., March 17 – GelTech Solutions, Inc. sold a $175,000 secured convertible note to Michael Reger on March 11, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 7.5% note will be convertible into common shares at $0.27 per share, which is a 3.57% discount to the March 10 closing share price of C$0.28. It is due on Dec. 31, 2020 and is secured by all of the company’s assets, including its intellectual property and inventory.
Reger also received warrants for 324,074 shares. The warrants are exercisable at $2.00 for two years. The strike price reflects a 614.29% premium to the March 10 closing price.
Jupiter, Fla.-based GelTech makes FireIce, a water-enhancing fire suppressant, Soil2O, a moisture-preservation product, and other Earth-friendly polymer-based products.
| Issuer: | GelTech Solutions, Inc.
|
| Issue: | Secured convertible note
|
| Amount: | $175,000
|
| Maturity: | Dec. 31, 2020
|
| Coupon: | 7.5%
|
| Conversion price: | $0.27
|
| Warrants: | For 324,074 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $2.00
|
| Investor: | Michael Reger
|
| Settlement date: | March 11
|
| Stock symbol: | OTCBB: GLTC
|
| Stock price: | $0.28 at close March 10
|
| Market capitalization: | $11.82 million
|
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