Convertible senior secured note sold in units with three-year warrants
By Devika Patel
Knoxville, Tenn., June 26 - The Grilled Cheese Truck, Inc. settled a $645,000 tranche of a $2 million private placement of convertible senior secured notes on June 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 10% notes are being sold in the form of units at $25,000 per unit, with each unit consisting of one $25,000 note and warrants for 12,500 shares.
The note converts to stock at $1.00 per share. It matures in three years.
The whole three-year warrants are each exercisable at $2.00.
Based in Los Angeles, the private company is a food-truck company and grilled-cheese franchise operation.
| Issuer: | The Grilled Cheese Truck, Inc.
|
| Issue: | Units of a $25,000 convertible senior secured note and warrants for 12,500 shares
|
| Amount: | $2 million
|
| Price: | $25,000
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Conversion price: | $1.00
|
| Warrants: | Warrants for 12,500 shares per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.00
|
| Settlement date: | June 24 (for $645,000)
|
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