Company sells original issue discount debentures due Dec. 22, 2015
By Devika Patel
Knoxville, Tenn., June 25 – Vapor Corp. sold $1.75 million of 5% original issue discount convertible debentures for $1,466,250 in a private placement on June 25, according to an 8-K filed Thursday with the Securities and Exchange Commission. Chardan Capital Management, LLC was the agent and Redwood Management, LLC was the lead investor.
The 10% debentures are due Dec. 22, 2015. The convertibles initially convert to common shares at $0.50 per share. The conversion price is a 38.89% premium to the June 24 closing share price of $0.36.
Based in Fort Lauderdale, Fla., Vapor makes and sells electronic cigarettes.
| Issuer: | Vapor Corp.
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| Issue: | Convertible debentures
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| Amount: | $1.75 million
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| Maturity: | Dec. 22, 2015
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| Price: | $1,466,250 (5% original issue discount)
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| Coupon: | 10%
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| Conversion price: | $0.50
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| Conversion premium: | 78.57%
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| Warrants: | No
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| Agent: | Chardan Capital Management, LLC
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| Investor: | Redwood Management, LLC (lead)
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| Settlement date: | June 25
|
| Stock symbol: | Nasdaq: VPCO
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| Stock price: | $0.36 at close June 24
|
| Market capitalization: | $12.86 million
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