Enerpulse Technologies amends terms of $3.05 million of convertibles

7% senior secured convertible notes now convert at $0.05 per share

By Devika Patel

Knoxville, Tenn., Aug. 2 – Enerpulse Technologies, Inc. amended the terms of $3.05 million of 7% three-year senior secured convertible notes it sold in a Feb. 19, 2015 private placement, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

On July 26, the investors agreed to allow the company to force conversion of the notes if it completes an equity financing that raises between $1.5 million and $3.5 million before Dec. 31.

In addition, the conversion price was lowered to $0.05 per share from $0.20 per share, and the debt was made junior to the company’s senior debt.

The Albuquerque, N.M., company offers an ignition device for use in spark-ignited internal combustion engines.

© 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.