Units each consist of common shares, one preferred share and warrants
By Devika Patel
Knoxville, Tenn., May 27 - IZEA Holdings, Inc. completed a $2.78 million private placement of units in two tranches on May 24 and May 26, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold a total of 278 units at $10,000.00 per unit. The units each consist of 30,303 common shares, one series A preferred share and a warrant for 18,182 shares. Each five-year warrant is exercisable at $0.50.
The preferreds are each convertible into 30,303 common shares.
The Orlando, Fla., company connects social media publishers with advertisers. It changed its name from Rapid Holdings Inc. on May 23.
| Issuer: | IZEA Holdings, Inc.
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| Issue: | Units of 30,303 common shares, one series A preferred share and warrants for 18,182 shares
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| Amount: | $2.78 million
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| Units: | 278
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| Price: | $10,000.00
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| Warrants: | Warrants for 18,182 shares per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.50
|
| Settlement date: | May 24, May 26
|
| Stock symbol: | OTCBB: RPDH
|
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| Preferreds
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| Conversion ratio: | Into 30,303 common shares (per preferred)
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