By Devika Patel
Knoxville, Tenn., Sept. 14 - Converted Organics Inc. took in $1.4 million in a private placement of an original discount convertible note with Iroquois Master Fund Ltd. on Sept. 8, according to an 8-K filed Monday with the Securities and Exchange Commission.
The $1.54 million note will be convertible into common stock at $1.54 per share. The notes mature March 14, 2010.
Iroquois also received 2.5 million warrants, which may be exercised at $1.25 for five years.
Chardan Capital Markets, LLC was the agent.
Boston-based Converted Organics is focused on producing fertilizer and soil amendment products by recycling food waste.
| Issuer: | Converted Organics Inc.
|
| Issue: | Convertible notes
|
| Amount: | $1.54 million
|
| Proceeds: | $1.40 million
|
| Maturity: | March 14, 2010
|
| Price: | 90
|
| Conversion price: | $1.54
|
| Warrants: | For 2.5 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.25
|
| Agent: | Chardan Capital Markets, LLC
|
| Investor: | Iroquois Master Fund Ltd.
|
| Settlement date: | Sept. 8
|
| Stock symbol: | Nasdaq: COIN
|
| Stock price: | $1.12 at close Sept. 8
|
| Market capitalization: | $27.8 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
