Company sells senior secured convertible debentures due Nov. 27, 2013
By Devika Patel
Knoxville, Tenn., Nov. 30 - T3 Motion, Inc. gave further details about a $4.36 million private placement of non-interest bearing senior secured convertible debentures that settled Nov. 26 in an 8-K filed Friday with the Securities and Exchange Commission. The proceeds consisted of $2.83 million in cash and $1.24 million of converted debt.
The convertibles are due Nov. 26, 2013 and are convertible into common stock at $0.10 per share. The conversion price is a 66.67% discount to $0.30, the Nov. 23 closing share price.
Investors also received five-year warrants for 43,552,500 shares, exercisable at $0.10, also a 66.67% discount to the Nov. 23 closing share price and 4,355,250 common shares.
Chardan Capital Markets, LLC was the agent.
Proceeds will be used for general working capital purposes, including the purchase of parts inventory, sales and marketing, and research and development.
Based in Costa Mesa, Calif., T3 makes personal mobility vehicles powered by electric motors.
| Issuer: | T3 Motion, Inc
|
| Issue: | Senior secured convertible debentures, 4,355,250 common shares
|
| Amount: | $4,355,250
|
| Maturity: | Nov. 26, 2013
|
| Coupon: | 0%
|
| Conversion price: | $0.10
|
| Conversion premium: | 2.56%
|
| Warrants: | For 43,552,500 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.10
|
| Agent: | Chardan Capital Markets, LLC
|
| Settlement date: | Nov. 26
|
| Stock symbol: | NYSE: TTTM
|
| Stock price: | $0.30 at close Nov. 23
|
| Market capitalization: | $2.58 million
|
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