Deal includes warrants for 300,000 shares; note is due January 2015
By Devika Patel
Knoxville, Tenn., Dec. 13 - Respect Your Universe, Inc. completed a $500,000 private placement of a secured promissory note on Dec. 9, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note is due on Jan. 1, 2015 and carries a 15% coupon.
The investors also received warrants for 300,000 shares, which are each exercisable at $0.25 until Jan. 1, 2015. The strike price is a 257.14% premium to the Dec. 6 closing share price of $0.07.
The apparel retailer is based in Las Vegas.
| Issuer: | Respect Your Universe, Inc.
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| Issue: | Secured promissory note
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| Amount: | $500,000
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| Maturity: | Jan. 1, 2015
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| Coupon: | 15%
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| Warrants: | For 300,000 shares
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| Warrant expiration: | Jan. 1, 2015
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| Warrant strike price: | $0.25
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| Settlement date: | Dec. 9
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| Stock symbol: | OTCBB: RYUN
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| Stock price: | $0.07 at close Dec. 6
|
| Market capitalization: | $5.85 million
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