Motion DNA raises $1 million from private placement of convertible loan

By Sheri Kasprzak

New York, Oct. 14 - Motion DNA Corp. said it has received a $1 million convertible loan.

The interest-only loan, funded by Jamir Miller, managing partner of Formula 51-2 LLC, is convertible into 2 million shares at $0.50 each, a discount to the pre-split stock price of $0.60 per share. The full details of the loan could not be determined Friday.

Miller's Formula 51-2 has been in negotiations to buy out Motion DNA since June. The funding will provide Motion with working capital as negotiations continue.

Based in Scottsdale, Ariz., Motion DNA provides diagnostic tests for athletes, medical professionals and sports organizations.

The company's stock lost 13.79%, or $0.04, to close at $0.25 Friday.

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