Units consist of series B convertible preferreds, half-share warrants
By Devika Patel
Knoxville, Tenn., April 26 - Westergaard.com, Inc. raised $1.3 million in a private placement of convertible preferred stock on April 13, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
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.
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 blank check company based in Quanzhou, China.
| Issuer: | Westergaard.com, Inc.
|
| Issue: | Units of one series B convertible preferred share and two half-share warrants
|
| Amount: | $1.3 million
|
| Units: | 866,666
|
| Price: | $1.50
|
| Warrants: | Two half-share warrants per unit
|
| Warrant expiration: | Three years
|
| Warrant strike prices: | $1.875 (class A), $2.25 (class B)
|
| Settlement date: | April 13
|
|
|
| Preferreds
|
| Conversion price: | $1.50
|
| Conversion ratio: | Into one common share (per preferred)
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