Convertible note due April 29, 2014 converts to stock at 42% discount
By Devika Patel
Knoxville, Tenn., Aug. 1 - Forex International Trading Corp. sold a $42,500 8% convertible note on July 31, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced on July 24.
The note is convertible into common stock at a 42% discount to the average of the three lowest closing bid prices of the stock during the 10 trading days preceding conversion. It matures on April 29, 2014.
The note may be prepaid at prices ranging from 112 to 141 during the first 180 days.
The online trading platform for forex markets is based in El Segundo, Calif.
| Issuer: | Forex International Trading Corp.
|
| Issue: | Convertible note
|
| Amount: | $42,500
|
| Maturity: | April 29, 2014
|
| Coupon: | 8%
|
| Conversion price: | A 42% discount to the average of the three lowest closing bid prices of the stock during the 10 trading days preceding conversion
|
| Call: | At prices ranging from 112 to 141 during the first 180 days
|
| Warrants: | No
|
| Pricing date: | July 24
|
| Settlement date: | July 31
|
| Stock symbol: | OTCBB: FXIT
|
| Market capitalization: | $175,000
|
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