10% secured promissory notes convertible into series B preferred stock
By Devika Patel
Knoxville, Tenn., May 11 – Virtual Piggy, Inc. settled a $940,000 private placement of secured convertible promissory notes on May 11, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 10% notes are due March 6, 2016 and will be convertible into series B cumulative convertible preferred stock at $90.00 per preferred. Each preferred is convertible into 100 common shares at $0.90 per share, which is a 136.84% premium to the May 8 closing share price of $0.38.
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.
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| Issue: | Secured convertible promissory notes
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| Amount: | $940,000
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| Maturity: | March 6, 2016
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| Coupon: | 10%
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| Conversion price: | $90.00 (per preferred)
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| Conversion ratio: | Into 100 common shares (per preferred)
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| Conversion price: | $0.90 (per common share)
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| Conversion premium: | 136.84%
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| Warrants: | No
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| Settlement date: | May 11
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| Stock symbol: | OTCBB: VPIG
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| Stock price: | $0.38 at close May 8
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| Market capitalization: | $54.79 million
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