Company sells 9.5% secured convertibles due Aug. 1, 2013 with warrants
By Devika Patel
Knoxville, Tenn., July 27 - NeoMedia Technologies, Inc. settled a $450,000 secured convertible debenture private placement with YA Global Investments, LP on July 20, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 9.5% 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 Aug. 1, 2013, and interest is payable at maturity. It may be redeemed at a 10% premium.
YA Global also received warrants for 1.25 million common shares. Each warrant is exercisable at $0.15 until July 20, 2017.
NeoMedia is a technology company based in Fort Myers, Fla.
| Issuer: | NeoMedia Technologies, Inc.
|
| Issue: | Secured convertible debenture
|
| Amount: | $450,000
|
| Maturity: | Aug. 1, 2013
|
| Coupon: | 9.5%
|
| 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
|
| Call: | 10% premium
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | July 20, 2017
|
| Warrant strike price: | $0.15
|
| Investor: | YA Global Investments, LP
|
| Settlement date: | July 20
|
| Stock symbol: | OTCBB: NEOM
|
| Stock price: | $0.01 at close July 19
|
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