By Sheri Kasprzak
New York, July 6 - New Horizons Worldwide, Inc. completed a $4 million private placement of series C convertible preferred stock.
The company sold 172,043 shares of the preferreds at $23.25 each.
The 4% preferreds are convertible into 5,333,333 common shares at $0.75 each.
Proceeds will be used for working capital.
The dividend will increase to 20% from 4% if the company is unable to increase its authorized shares to 30 million from 20 million shares within 180 days.
The investors also received warrants for 1,066,667 series C convertible preferreds, exercisable at $0.75 each.
Based in Anaheim, Calif., New Horizons is an internet technology training company.
| Issuer: | New Horizons Worldwide, Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $4 million
|
| Shares: | 172,043
|
| Price: | $23.25
|
| Dividend: | 4%
|
| Conversion ratio: | Into 5,333,333 common shares
|
| Conversion price: | $0.75
|
| Warrants: | For 1,066,667 shares of series C convertible preferreds
|
| Warrant strike price: | $0.75
|
| Settlement date: | July 3
|
| Stock symbol: | Pink Sheets: NEWH
|
| Stock price: | $1.10 at close July 3
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
