Company to sell stock to Granite State at 5% discount to market price
By Devika Patel
Knoxville, Tenn., April 18 - MMRGlobal Inc. offered further details about a $15 million continuous investment agreement with Granite State Capital, LLC in an 8-K filed Wednesday with the Securities and Exchange Commission. The three-year sales agreement priced April 16 and was announced on April 17.
The company will sell up to 100 million shares to the investor in tranches of up to 200% of the average daily volume of the common stock for the three trading days preceding the put notice.
The shares will be sold at a purchase price equal to 95% of the lowest daily volume weighted average price of the stock during the five-consecutive-trading-day period following a put notice. The company may put a floor on the sales price of the stock.
The agreement replaces an existing financing agreement with Dutchess Opportunity Fund, II, LP, which was negotiated to sell shares at a 6% discount to market.
Proceeds will be used for general corporate purposes, sales and marketing expenses.
Based in Los Angeles, MMRGlobal offers a suite of secure online products that helps consumers and professionals manage their health records.
| Issuer: | MMRGlobal, Inc.
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| Issue: | Continuous investment agreement
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| Amount: | $15 million
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| Tenor: | Three years
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| Price: | 5% discount
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| Warrants: | No
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| Investor: | Granite State Capital, LLC
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| Pricing date: | April 16
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| Announcement date: | April 17
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| Stock symbol: | OTCBB: MMRF
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| Stock price: | $0.03 at close April 16
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| Market capitalization: | $8.74 million
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