Company sells 10% debentures; each is convertible at $11.75 per share
By Devika Patel
Knoxville, Tenn., July 25 – Medbox, Inc. negotiated a $3 million private placement of convertible debentures on July 21, according to an 8-K filed Friday with the Securities and Exchange Commission. The convertibles will be sold in three equal tranches of $1 million each and the company has already completed the first tranche.
The 10% debenture is convertible into common shares at $11.75 per share. The conversion price is a 28.09% discount to the July 18 closing share price of $16.34.
The West Hollywood, Calif., company offers a machine that dispenses medication to individuals based on biometric identification.
Issuer: | Medbox, Inc.
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Issue: | Convertible debentures
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Amount: | $3 million
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Coupon: | 10%
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Conversion price: | $11.75
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Warrants: | No
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Pricing date: | July 21
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Settlement date: | July 21 (for $1 million)
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Stock symbol: | OTCBB: MDBX
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Stock price: | $16.34 at close July 18
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Market capitalization: | $466.37 million
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