Notes are due Jan. 20, 2016, convert to common stock at variable price
By Devika Patel
Knoxville, Tenn., Jan. 26 – Vaporin, Inc. settled a $350,000 private placement of 10% convertible notes on Jan. 20, according to an 8-K filed Monday with the Securities and Exchange Commission.
The notes are due on Jan. 20, 2016 and convert to common stock at a conversion price equal to the lower of $1.08 and a 15% discount to a 20-trading-day volume-weighted average price of the stock following the company’s planned merger with Vapor Corp. If the merger does not occur, the notes will not be convertible.
Vaporin is a Miami-based maker and marketer of electronic cigarettes, vaporizers, e-liquids and e-hookah products.
| Issuer: | Vaporin, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $350,000
|
| Maturity: | Jan. 20, 2016
|
| Coupon: | 10%
|
| Conversion price: | The lower of $1.08 and a 15% discount to a 20-trading-day volume-weighted average price of the stock following the company’s planned merger
|
| Warrants: | No
|
| Settlement date: | Jan. 20
|
| Stock symbol: | OTCBB: VAPO
|
| Stock price: | $1.44 at close Jan. 16
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
