Deal sells secured series B preferred stock convertible notes to Hive
By Devika Patel
Knoxville, Tenn., Dec. 11 – Vape Holdings, Inc. settled a private placement of $50,000 8% secured series B preferred stock convertible notes sold to Hive Ceramics, LLC on Dec. 10, according to an 8-K filed Friday with the Securities and Exchange Commission. The note carries an original issue discount of $50,000.
The note matures in one year and converts to preferred stock on a one-for one basis, which in turn converts to common shares at $0.01 per share. The conversion price is identical to the Dec. 9 closing share price.
The Chatsworth, Calif., company develops technology that would allow social network users to earn incentives.
| Issuer: | Vape Holdings, Inc.
|
| Issue: | Secured series B preferred stock convertible notes
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| Amount: | $50,000
|
| Maturity: | One year
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| Coupon: | 8%
|
| Conversion price: | $0.01
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| Warrants: | No
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| Investor: | Hive Ceramics, LLC
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| Settlement date: | Dec. 10
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| Stock symbol: | OTCBB: VAPE
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| Stock price: | $0.01 at close Dec. 9
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