Notes carry 10% coupon, convert at 44.44% discount, due Aug. 31, 2015
By Devika Patel
Knoxville, Tenn., Feb. 8 - Merisel, Inc. settled a $750,000 private placement of subordinated convertible notes with Saints Capital Granite, LP on Feb. 4, according to an 8-K filed Friday with the Securities and Exchange Commission.
The notes are due on Aug. 31, 2015, bear interest at 10% and are convertible into common stock at $0.10 per share, which is a 44.44% discount to the Feb. 1 closing share price of $0.18. The note may be redeemed.
Proceeds will be used for the general corporate and working capital needs of the company.
Merisel is a New York visual communications and brand imaging solutions company.
| Issuer: | Merisel, Inc.
|
| Issue: | Subordinated convertible notes
|
| Amount: | $750,000
|
| Maturity: | Aug. 31, 2015
|
| Coupon: | 10%
|
| Conversion price: | $0.10
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Saints Capital Granite, LP
|
| Settlement date: | Feb. 4
|
| Stock symbol: | OTCBB: MSEL
|
| Stock price: | $0.18 at close Feb. 1
|
| Market capitalization: | $1.51 million
|
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