Partners for Growth also gets five-year warrants for 450,000 shares
By Devika Patel
Knoxville, Tenn., Feb. 17 - EdgeWave, Inc. completed a $1.5 million loan agreement with Partners for Growth III, LP on Jan. 30, according to an 8-K filed Friday with the Securities and Exchange Commission.
The loan will be repaid over three years and carries a 9.75% coupon.
The investors also received warrants for 450,000 shares, which are exercisable at $0.35 until Jan. 30, 2017. The strike price reflects a 16.67% premium to the Jan. 27 closing share price of $0.30.
Based in San Diego, Edgewave develops and markets on-demand, on-premises, and hybrid Secure Content Management solutions to the mid-enterprise and service provider markets.
| Issuer: | EdgeWave, Inc.
|
| Issue: | Loan
|
| Amount: | $1.5 million
|
| Maturity: | Three years
|
| Coupon: | 9.75%
|
| Warrants: | For 450,000 shares
|
| Warrant expiration: | Jan. 30, 2017
|
| Warrant strike price: | $0.35
|
| Investor: | Partners for Growth III, LP
|
| Settlement date: | Jan. 30
|
| Stock symbol: | OTCBB: EWVE
|
| Stock price: | $0.30 at close Jan. 27
|
| Market capitalization: | $6.78 million
|
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