By Laura Lutz
Des Moines, Oct. 11 - Transcendent One, Inc. announced a $3 million private placement of convertible debt units, according to an 8-K filing with the Securities and Exchange Commission.
The company sold 600 units at $5,000 each. The units will accrue interest at 10% per year.
All of the principal and interest on the units will be automatically converted into 3,000 shares at a rate of $0.60 per share on Oct. 10, 2009.
Transcendent reserves the right to prepay the notes on or before Aug. 31, 2009.
Based in Solana Beach, Calif., offers payment-processing systems for merchants.
| Issuer: | Transcendent One, Inc.
|
| Issue: | Convertible debt units
|
| Amount: | $3 million
|
| Maturity: | Oct. 10, 2009
|
| Units: | 600
|
| Price: | $5,000
|
| Conversion price: | $0.60 (automatically converted at maturity)
|
| Pricing date: | Oct. 1
|
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