By Devika Patel
Knoxville, Tenn., Jan. 12 - T3 Motion, Inc. completed a $2.2 million convertible debenture financing on Dec. 30, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 10% debentures are convertible after 90 days at a conversion price of $1.65 per share, which will be reduced to $1.54 if the company does not complete a $6 million financing by March 30. They mature Dec. 30, 2009.
The investors also received series D warrants for 666,666 common shares, which are exercisable at $2.00 for five years.
Based in Costa Mesa, Calif., T3 Motion is a private company that produces personal mobility vehicles.
| Issuer: | T3 Motion, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $2.2 million
|
| Maturity: | Dec. 30, 2009
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $1.65 per share after 90 days, which will be reduced to $1.54 if company does not complete a $6 million financing by March 30
|
| Warrants: | For 666,666 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00
|
| Settlement date: | Dec. 30
|
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