By Devika Patel
Knoxville, Tenn., Nov. 25 - Riptide Worldwide, Inc. settled a $1.57 million placement of a convertible note with Matrix Holdings, LLC on Nov. 21, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note matures on Nov. 21, 2013 and is convertible into common stock at $1.00 per share.
The principal is payable in increments, with a $300,000 payment due on each of the first four anniversaries and the remaining principal payment of $365,000 due on the maturity date.
Interest will accrue at a rate equal to the rate per annum reported in the Wall Street Journal or, if not reported, the Prime rate charged by one or more banks in the United States in connection with loans made to customers.
Interest will be paid in common stock, valued at $1.00 per share, in five annual installments starting on the first anniversary.
Riptide is based in Oviedo, Fla.
| Issuer: | Riptide Worldwide, Inc.
|
| Issue: | Convertible note
|
| Amount: | $1,565,000
|
| Maturity: | Nov. 21, 2013
|
| Coupon: | Prime
|
| Price: | Par
|
| Yield: | Prime
|
| Conversion price: | $1.00
|
| Warrants: | No
|
| Investor: | Matrix Holdings, LLC
|
| Settlement date: | Nov. 21
|
| Stock symbol: | OTCBB: GPSN
|
| Stock price: | $0.01 at close Nov. 21
|
| Market capitalization: | $552,000
|
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