Company sells 14% secured debenture due 2012 in private placement
By Devika Patel
Knoxville, Tenn., July 1 - NeoMedia Technologies, Inc. settled a $450,000 secured convertible debenture private placement with YA Global Investments, LP on April 26, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 14% debenture is convertible into common shares at a conversion price equal to the lesser of $0.10 and 95% of the lowest volume-weighted average price of the stock during the 60 trading days immediately preceding each conversion date. The note matures on July 29, 2012 and interest is payable at maturity. It may be redeemed at a 10% premium.
NeoMedia is a technology company based in Fort Myers, Fla.
Issuer: | NeoMedia Technologies, Inc.
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Issue: | Secured convertible debenture
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Amount: | $450,000
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Maturity: | July 29, 2012
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Coupon: | 14%
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Conversion price: | The lesser of $0.10 and 95% of the lowest volume-weighted average price of the stock during the 60 trading days immediately preceding each conversion date
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Call: | 10% premium
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Warrants: | No
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Investor: | YA Global Investments, LP
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Settlement date: | April 26
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Stock symbol: | OTCBB: NEOM
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Stock price: | $0.02 at close April 25
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Market capitalization: | $13.3 million
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