Investor Adar Bays buys convertible note, convertible redeemable note
By Devika Patel
Knoxville, Tenn., Feb. 17 – Epoxy, Inc. sold a $75,000 8% convertible redeemable note to Adar Bays, LLC on Jan. 13, according to an 8-K filed Monday with the Securities and Exchange Commission. It also sold a $75,000 8% convertible note to Adar Bays on Jan. 13.
Both notes are due on Jan. 13, 2016 and are convertible into common shares at a conversion price equal to 52% of the lowest trading price of the stock for the twelve trading days preceding and including the conversion notification day.
The first note was sold for $67,500, which takes into account $7,500 of legal fees and may be redeemed in the first 180 days at 125 in the first 90 days and at 135 after that.
The 8% second note also was sold for $67,500, taking into account $7,500 of legal fees. It may not be prepaid.
The Las Vegas company offers a gift and loyalty card app for store owners.
| Issuer: | Epoxy, Inc.
|
| Issue: | Convertible redeemable note, convertible note
|
| Amount: | $150,000
|
| Maturity: | Jan. 13, 2016
|
| Coupon: | 8%
|
| Conversion price: | 52% of the lowest trading price of the stock for the 12 trading days preceding and including the conversion notification day
|
| Warrants: | No
|
| Investor: | Adar Bays, LLC
|
| Fees: | $15,000
|
| Settlement date: | Jan. 13
|
| Stock symbol: | OTCBB: EPXY
|
| Stock price: | $0.16 at close Jan. 12
|
| Market capitalization: | $16.95 million
|
|
|
| First note
|
| Amount: | $75,000
|
| Call: | At 125 in the first 90 days, at 135 on days 91 through 180
|
|
|
| Second note
|
| Amount: | $75,000
|
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