Note converts to common stock at $0.10 per share, a 28.57% discount
By Devika Patel
Knoxville, Tenn., Aug. 26 – Fuel Performance Solutions, Inc. said it sold $1 million of convertible notes in a private placement. The Benchmark Co., LLC was the agent.
The note is convertible into common stock at $0.10 per share, which is a 28.57% discount to the Aug. 25 closing share price of $0.14.
The fuel technology company is based in St. Louis.
| Issuer: | Fuel Performance Solutions, Inc.
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| Issue: | Convertible note
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| Amount: | $1 million
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| Conversion price: | $0.10
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| Warrants: | No
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| Agent: | The Benchmark Co., LLC
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| Settlement date: | Aug. 26
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| Stock symbol: | OTCBB: IFUE
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| Stock price: | $0.14 at close Aug. 25
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| Market capitalization: | $26.35 million
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