Series A redeemable preferreds sold with warrants for 5,045,000 shares
By Devika Patel
Knoxville, Tenn., Jan. 29 - Virtual Piggy, Inc. completed a $5.05 million private placement of series A redeemable preferred stock on Jan. 27, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 50,450 preferreds at $100.00 apiece. The 8% preferreds are initially convertible into common stock at $1.00 per share, and the company may force conversion.
Investors also received two-year warrants for 5,045,000 shares. The warrants are each exercisable at $1.00.
The strike price and conversion price are a 0.99% discount to the Jan. 24 closing share price of $1.01.
Virtual Piggy is a Hermosa Beach, Calif.-based company developing its online "Piggy Bank" security service that will allow parents to set up and control their children's spending online.
Issuer: | Virtual Piggy, Inc.
|
Issue: | Series A cumulative convertible preferred stock
|
Amount: | $5,045,000
|
Preferreds: | 50,450
|
Price: | $100.00
|
Dividends: | 8%
|
Conversion price: | $1.00
|
Call: | Yes
|
Warrants: | For 5,045,000 shares
|
Warrant expiration: | Two years
|
Warrant strike price: | $1.00
|
Settlement date: | Jan. 27
|
Stock symbol: | OTCBB: VPIG
|
Stock price: | $1.01 at close Jan. 24
|
Market capitalization: | $114.74 million
|
© 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.