Units consist of one 8% preferred, a warrant, two half-share warrants
By Devika Patel
Knoxville, Tenn., May 25 - Luxeyard Inc. settled a $3.5 million private placement of units on May 24, according to an 8-K filed Friday with the Securities and Exchange Commission. Maxim Group LLC was the agent.
The company sold 10 million units at $0.35 per unit. Each unit consists of one 8% convertible preferred share, a series C warrant, a half-share series D warrant and a half-share series E warrant.
The series C warrants are exercisable at $0.50 for five years. The series D warrants are exercisable at $0.35 for 90 days. The series E warrants are exercisable at $0.50 for five years. The strike prices reflect 60.94% and 72.66% discounts to the May 23 closing share price of $1.28.
Based in Los Angeles, Luxeyard is an operator of an e-commerce marketplace for luxury home and other consumer products at a discount.
| Issuer: | Luxeyard Inc.
|
| Issue: | Units of one convertible preferred share, a series C warrant, a half-share series D warrant and a half-share series E warrant
|
| Amount: | $3.5 million
|
| Units: | 10 million
|
| Price: | $0.35
|
| Dividends: | 8%
|
| Warrants: | One and two half-share warrants per unit
|
| Warrant expiration: | Five years (series C and series E), 90 days (series D)
|
| Warrant strike prices: | $0.50 (series C and series E), $0.35 (series D)
|
| Agent: | Maxim Group LLC
|
| Settlement date: | May 24
|
| Stock symbol: | Pink Sheets: LUXR
|
| Stock price: | $1.28 at close May 23
|
| Market capitalization: | $75.95 million
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