8% secured convertible promissory note sold to Co-Investment Fund II
By Devika Patel
Knoxville, Tenn., Feb. 3 – InsPro Technologies Corp. sold a $1 million secured convertible promissory note to Co-Investment Fund II, LP on Jan. 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 8% note is due on June 30, 2016. It may be prepaid.
Once the company completes an equity financing in which it receives at least $1 million of gross proceeds, the note and accrued interest will be automatically converted into a number of shares of the equity securities issued in the financing at a conversion price equal to the price per share paid by the investors in that financing.
The Radnor, Pa., technology company provides software applications for uses by administrators in the insurance industry.
| Issuer: | InsPro Technologies Corp.
|
| Issue: | Secured convertible promissory note
|
| Amount: | $1 million
|
| Maturity: | June 30, 2016
|
| Coupon: | 8%
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Co-Investment Fund II, LP
|
| Settlement date: | Jan. 30
|
| Stock symbol: | OTCBB: ITCC
|
| Stock price: | $0.08 at close Jan. 29
|
| Market capitalization: | $2.7 million
|
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