Company's chief executive officer Patrick Goepel buys $700,000 of debt
By Devika Patel
Knoxville, Tenn., Oct. 5 - Asure Software Inc. sold $1.7 million of 15% subordinated notes and $1.5 million of 9% subordinated convertible notes in a private placement on Sept. 30, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 15% notes will mature on Sept. 30, 2014.
The company's chief executive officer Patrick Goepel bought $500,000 of the 15% notes. Pinnacle Fund, LLLP purchased $300,000 of the 15% notes.
The convertibles mature on Sept. 30, 2014 and convert to common stock at an initial conversion price of $5.00 per share. The conversion price is a 60.26% premium to the Sept. 29 closing share price of $3.12.
Goepel purchased $200,000 of the 9% notes, and Red Oak Fund, LP purchased $600,000 of the 9% notes.
The Austin, Texas, company is a provider of Web-based workforce management solutions.
| Issuer: | Asure Software Inc.
|
| Issue: | Subordinated notes, subordinated convertible notes
|
| Amount: | $3.2 million
|
| Warrants: | No
|
| Settlement date: | Sept. 30
|
| Stock symbol: | Nasdaq: ASUR
|
| Stock price: | $3.27 at close Sept. 30
|
| Market capitalization: | $9.93 million
|
|
|
| 15% notes
|
| Amount: | $1.7 million
|
| Maturity: | Sept. 30, 2014
|
| Coupon: | 15%
|
| Investors: | Patrick Goepel (for $500,000), Pinnacle Fund, LLLP (for $300,000)
|
|
|
| 9% convertible notes
|
| Amount: | $1.5 million
|
| Maturity: | Sept. 30, 2014
|
| Coupon: | 9%
|
| Conversion price: | $5.00
|
| Investors: | Patrick Goepel (for $200,000), Red Oak Fund, LP (for $600,000)
|
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