Investor SG VTB Holdings gets 10-year warrants for 1,365,410 shares
By Devika Patel
Knoxville, Tenn., Nov. 20 – Turtle Beach Corp. settled a $12 million private placement of 15% subordinated promissory notes with SG VTB Holdings, LLC on Nov. 16, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced Nov. 2.
The notes mature on Sept. 29, 2019.
SG VTB also received 10-year warrants for 1,365,410 common shares, which are each exercisable at $2.00, a 14.89% discount to the $2.35 closing share price on Oct. 30.
Valhalla, N.Y.-based Turtle Beach designs audio products for the consumer, commercial and healthcare markets.
| Issuer: | Turtle Beach Corp.
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| Issue: | Subordinated promissory notes
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| Amount: | $2.5 million
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| Maturity: | Sept. 29, 2019
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| Coupon: | 15%
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| Warrants: | For 1,365,410 shares
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| Warrant expiration: | 10 years
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| Warrant strike price: | $2.00
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| Investor: | SG VTB Holdings, LLC
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| Settlement date: | Nov. 2
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| Settlement date: | Nov. 16
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| Stock symbol: | Nasdaq: HEAR
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| Stock price: | $2.35 at close Oct. 30
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| Market capitalization: | $87.59 million
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