Note is due Nov. 14, 2016, converts to common stock at $1.43 per share
By Devika Patel
Knoxville, Tenn., Dec. 12 – MobileSmith, Inc. sold a $500,000 8% convertible unsecured subordinated note on Dec. 11 as part of a $40 million private placement with Union Bancaire Privee, UBP SA, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note matures Nov. 14, 2016. It is convertible into common stock at $1.43 per share, which is a 180.39% premium to the Dec. 10 closing share price of $0.51.
Durham, N.C.-based MobileSmith, formerly known as Smart Online, Inc., is a provider of mobile software solutions for enterprise customers.
| Issuer: | MobileSmith, Inc.
|
| Issue: | Convertible unsecured subordinated note
|
| Amount: | $40 million
|
| Maturity: | Nov. 14, 2016
|
| Coupon: | 8%
|
| Conversion price: | $1.43
|
| Conversion premium: | 180.39%
|
| Warrants: | No
|
| Investor: | Union Bancaire Privee, UBP SA
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 11 (for $500,000)
|
| Stock symbol: | OTCBB: MOST
|
| Stock price: | $0.51 at close Dec. 10
|
| Market capitalization: | $23.79 million
|
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