Units consist of series B convertible preferreds, half-share warrants
By Devika Patel
Knoxville, Tenn., Nov. 23 - Westergaard.com, Inc. raised another $1.5 million in a $2.8 million private placement of convertible preferred stock on Oct. 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company raised $1.3 million in the offering on April 13.
The company sold 866,666 units of one series B convertible preferred share and two three-year half-share warrants at $1.50 per unit in the first tranche and 1 million units in the second.
The whole class A warrants are exercisable at $1.875 per share, and the whole class B warrants are exercisable at $2.25 per share.
Each preferred is convertible into one common share at $1.50 per share.
Westergaard.com, Inc. is a sports footwear designer and manufacturer based in Quanzhou, China.
| Issuer: | Westergaard.com, Inc.
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| Issue: | Units of one series B convertible preferred share and two half-share warrants
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| Amount: | $2.8 million
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| Units: | 1,866,666
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| Price: | $1.50
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| Warrants: | Two half-share warrants per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $1.875 (class A), $2.25 (class B)
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| Settlement dates: | April 13 (for $1.3 million), Oct. 24 (for $1.5 million)
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| Preferreds
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| Conversion price: | $1.50
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| Conversion ratio: | Into one common share (per preferred)
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