By Sheri Kasprzak
New York, April 27 - Marketing Worldwide Corp. disclosed the terms of its previously announced $3.5 million private placement of series A convertible preferred stock.
The company issued 3.5 million shares of the preferreds to Vision Opportunity Master Fund, Ltd.
The 9% preferreds are convertible into common shares at $0.50 each.
Vision also received series A warrants for 3.5 million shares, series B warrants for 3.5 million shares, series C warrants for 3.5 million shares, series D warrants for 2.5 million shares, series E warrants for 2.5 million shares, series F warrants for 2.5 million shares and series J warrants for 5 million shares.
The series A warrants are exercisable at $0.70 each through April 23, 2012; the series B warrants at $0.85 each through April 23, 2012; and the series C warrants at $1.20 each through April 23, 2012. The series D warrants are exercisable at $0.70 each through June 23, 2012; the series E warrants at $0.85 each through June 23, 2012 and the series F warrants at $1.20 each through June 23, 2012. The series J warrants are exercisable at $0.70 each through June 23, 2008.
Carter Securities, LLC was the placement agent.
Based in Howell, Mich., Marketing Worldwide develops customization programs for auto manufacturers.
| Issuer: | Marketing Worldwide Corp.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $3.5 million
|
| Shares: | 3.5 million
|
| Price: | $1.00
|
| Dividends: | 9%
|
| Conversion price: | $0.50
|
| Warrants: | Series A for 3.5 million; series B for 3.5 million; series C for 3.5 million; series D for 2.5 million; series E for 2.5 million; series F for 2.5 million; series J for 5 million
|
| Warrant expiration: | April 23, 2012 for series A through C warrants; June 23, 2012 for series D through F warrants; June 23, 2008 for series J warrants
|
| Warrant strike price: | $0.70 for series A, D and J; $0.85 for series B and series E; $1.20 for series C and F
|
| Investor: | Vision Opportunity Master Fund, Ltd.
|
| Placement agent: | Carter Securities, LLC
|
| Settlement date: | April 23
|
| Stock symbol: | OTCBB: MWWC
|
| Stock price: | $0.85 at close April 23
|
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