Ramp agrees to reduce price for warrants on convertible notes

By Sheri Kasprzak

Atlanta, Oct. 19 - Ramp Corp. said Tuesday it entered into an agreement with three convertible noteholders to reduce the exercise price of outstanding warrants of its convertible notes.

The transactions reduced Ramp's debt by $982,000 and provided a capital infusion of $250,000 in cash.

The price on the warrants for 37,470,584 shares was cut to $0.0325 per share from $0.11 to $0.40 per share under agreements with Willow Bend Management Ltd. and Cottonwood Ltd. In exchange for exercising warrants for 25,262,096 shares, the noteholders agreed to reduce the principal amount on the notes by $571,000 and to pay Ramp $250,000 in cash.

In addition, Ramp agreed with a third convertible investor, Hilltop Services Ltd., to cut the exercise price on warrants for 17,129,416 shares to $0.0325 per share from $0.11 to $0.40 per share. Hilltop exercised warrants for 12,631,048 shares and agreed to reduce the principal amount of outstanding notes by $410,509.

Ramp is a New York-based technology marketing company. Its stock closed up $0.01 Tuesday at $0.02.

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