Deal with Southridge also includes $50,000 convertible promissory note
By Devika Patel
Knoxville, Tenn., March 19 - Nutra Pharma Corp. arranged a $10 million equity purchase agreement with Southridge Partners II, LP on March 13, according to an 8-K filed Monday with the Securities and Exchange Commission.
The investor will buy shares in tranches at a purchase price equal to 125% of the closing price of the stock immediately following the put notice.
Southridge also received a $50,000 promissory note in consideration for the deal. The note will be convertible into common shares at a conversion price equal to 70% of the average of the two lowest closing prices for the five trading days immediately preceding a conversion notice. The investor will also be paid a $25,000 fee in cash or notes.
Nutra Pharma is a biopharmaceutical company located in Boca Raton, Fla.
| Issuer: | Nutra Pharma Corp.
|
| Issue: | Equity purchase agreement
|
| Amount: | $10 million
|
| Price: | 125% of the closing price
|
| Warrants: | No
|
| Investor: | Southridge Partners II, LP
|
| Pricing date: | March 13
|
| Stock symbol: | OTCBB: NPHC
|
| Stock price: | $0.02 at close March 12
|
| Market capitalization: | $5.68 million
|
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