Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for Medbox, Inc. > News item |
Medbox amends convertibles it is selling in a $7.75 million placement
Company adjusts conversion price, sells $1.2 million more debentures
By Devika Patel
Knoxville, Tenn., April 6 – Medbox, Inc. revised the terms of the convertible debentures it is selling in a $7.75 million private placement on March 13, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company raised $3 million in three tranches in July, $1 million on Aug. 25, 2014, $500,000 on Sept. 24, 2014 and $250,000 on Nov. 24, 2014. On Jan. 30, Medbox agreed to issue another $1.8 million of convertibles in seven tranches. On March 27, it agreed to sell another $1.2 million of debentures.
The conversion price of the convertibles will now be the lesser of $1.83 or 51% of the lowest volume-weighted average price of the stock for the 40 trading days preceding the conversion. The conversion price was originally set at the lesser of $5.00 or 51% of the lowest volume-weighted average price of the stock for the 20 trading days preceding the conversion.
The company will pay the investors a 5% fee.
The West Hollywood, Calif., company offers a machine that dispenses medication to individuals based on biometric identification.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.