By Sheri Kasprzak
New York, March 31 - HyperFeed Technologies, Inc. said it has closed a $10 million private placement of secured convertible promissory notes.
The notes were sold to Pico Holdings, Inc. and bear interest at Prime rate plus 275 basis points.
The new notes cancel a $4.16 million promissory note issued to Pico on March 15.
The new note is due in two years and is convertible into common shares at the lesser of 80% of the five-day moving average price on the day of conversion or $0.84.
The investor also will receive warrants for 125,000 shares, exercisable at $1.05 each for three years.
HyperFeed, based in Chicago, develops software and services to stock exchanges, financial institutions and hedge funds.
| Issuer: | HyperFeed Technologies, Inc.
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| Issue: | Secured convertible promissory notes
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| Amount: | $10 million
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| Maturity: | Two years
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| Coupon: | Prime rate plus 275 basis points
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| Conversion price: | The lesser of 80% of the five-day moving average stock price or $0.84
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| Warrants: | For 125,000 shares
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| Warrant expiration: | Three years
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| Warrant strike price: | $1.05
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| Investor: | Pico Holdings, Inc.
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| Settlement date: | March 30
|
| Stock symbol: | OTCBB: HYPR
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| Stock price: | $1.15 at close March 30
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