8% secured convertible promissory note sold to Co-Investment Fund
By Devika Patel
Knoxville, Tenn., March 30 – InsPro Technologies Corp. sold a $1 million secured convertible promissory note to Co-Investment Fund II, LP on March 27, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 8% note is due on June 30, 2016. It may be prepaid without penalty or interest.
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: | Without penalty or interest
|
| Warrants: | No
|
| Investor: | Co-Investment Fund II, LP
|
| Settlement date: | March 27
|
| Stock symbol: | OTCBB: ITCC
|
| Stock price: | $0.07 at close March 26
|
| Market capitalization: | $2.91 million
|
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