Offering consists of three-year secured promissory notes and warrants
By Devika Patel
Knoxville, Tenn., April 13 - Merriman Holdings Inc. settled a private placement of secured promissory notes for about $2.5 million on April 7, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal could raise up to $3.25 million
The 10% notes mature in three years. Ronald L. Chez invested $450,000.
Investors also received 212,420 warrants, which are each exercisable at $2.2865.
The strike price is a 13.39% discount to the April 6 closing share price of $2.64.
Proceeds will be used to supplement underwriting capacity and working capital and to settle litigation.
Merriman Holdings, formerly Merriman Curhan Ford Group, Inc., is a financial services holding company based in San Francisco.
| Issuer: | Merriman Holdings Inc.
|
| Issue: | Secured promissory notes
|
| Amount: | $2.5 million (approximate)
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Warrants: | 212,420
|
| Warrant strike price: | $2.2865
|
| Investor: | Ronald L. Chez (for $450,000)
|
| Settlement date: | April 7
|
| Stock symbol: | Nasdaq: MERR
|
| Stock price: | $2.70 at close April 7
|
| Market capitalization: | $6.45 million
|
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