Company sells 160,000 series H convertible preferreds at $1.00 apiece
By Devika Patel
Knoxville, Tenn., Oct. 27 – IEG Holdings Corp. settled a $160,000 private placement of series H convertible preferred stock with three investors on Oct. 22, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 160,000 preferreds at $1.00 apiece. The price per preferred is a 90% discount to the Oct. 21 closing share price of $10.00. The preferreds may be converted into common stock at a rate of 0.2666 common shares per preferred.
The consumer finance company is based in Las Vegas.
| Issuer: | IEG Holdings Corp.
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| Issue: | Series H preferred convertible stock
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| Amount: | $160,000
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| Preferreds: | 160,000
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| Price: | $1.00
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| Conversion ratio: | Into 0.2666 common shares (per preferred)
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| Warrants: | No
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| Settlement date: | Oct. 22
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| Stock symbol: | OTCBB: IEGH
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| Stock price: | $10.00 at close Oct. 21
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| Market capitalization: | $274.81 million
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