By Laura Lutz
Des Moines, Sept. 4 - eDiets.com, Inc. secured $10 million from a private placement of a senior secured note and warrants with Prides Capital Fund I, LP.
The note bears interest at 15% per year and matures on Aug. 31, 2010. Interest is payable semiannually.
Prides received warrants for 1,000,000 shares, exercisable at $5.00 per share for 10 years.
Expiry of the warrants may be accelerated if the closing price of the company's stock is at least 150% of the exercise price for 30 consecutive days.
Proceeds will be used for general corporate purposes.
eDiets.com, based in Deerfield Beach, Fla., provides online diet and fitness information and advice.
| Issuer: | eDiets.com, Inc.
|
| Issue: | Senior secured note
|
| Amount: | $10 million
|
| Maturity: | Aug. 31, 2010
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Warrants: | For 1,000,000 shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $5.00
|
| Settlement date: | Aug. 31
|
| Stock symbol: | Nasdaq: DIET
|
| Stock price: | $3.15 at close Aug. 31
|
© 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.
