Series A convertible preferreds sold to investors at $0.75 per preferred
By Devika Patel
Knoxville, Tenn., June 27 - Viper Powersports Inc. completed a $1 million private placement of series A convertible preferred stock on June 24, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold the preferreds at $0.75 apiece. The preferreds are convertible into common stock at $0.75 per share. The price per preferred and the conversion price are a 56.25% premium to the June 23 closing share price, $0.48.
Based in Hopkins, Minnesota, Viper Powersports makes custom motorcycles and associated products.
| Issuer: | Viper Powersports Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $1 million
|
| Price: | $0.75
|
| Conversion price: | $0.75
|
| Warrants: | No
|
| Settlement date: | June 24
|
| Stock symbol: | Pink Sheets: VPWI
|
| Stock price: | $0.50 at close June 24
|
| Market capitalization: | $9.69 million
|
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