3.5% secured promissory notes convertible to series C preferred stock
By Devika Patel
Knoxville, Tenn., Aug. 29 – Virtual Piggy, Inc. settled a $600,000 private placement of secured convertible promissory notes on Aug. 26, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 3.5% notes are due June 30, 2018 and are convertible into series C 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 429.41% premium to the Aug. 25 closing share price of $0.17.
Director Kirk Bradley invested $100,000.
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: | Secured convertible promissory notes
|
| Amount: | $600,000
|
| Maturity: | June 30, 2018
|
| Coupon: | 3.5%
|
| Conversion price: | $90.00 per series C cumulative convertible preferred share
|
| Conversion ratio: | Into 100 common shares per preferred
|
| Conversion price: | $0.90 per common share
|
| Conversion premium: | 429.41%
|
| Warrants: | No
|
| Investor: | Kirk Bradley (for $100,000)
|
| Settlement date: | Aug. 26
|
| Stock symbol: | OTCBB: VPIG
|
| Stock price: | $0.17 at close Aug. 25
|
| Market capitalization: | $36.59 million
|
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