Preferreds, sold at $0.05, are each convertible into one common share
By Devika Patel
Knoxville, Tenn., March 22 – Excel Corp. raised $230,000 in a private placement of series B convertible preferred stock with president, chief executive officer and director Thomas A. Hyde Jr. and chief financial officer Robert L. Winspear on March 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 2.3 million preferreds at $0.05 apiece to each of the investors, for a total of 4.6 million preferreds. The purchase price is a 25% premium to the March 17 closing share price of $0.04.
The preferreds each convert into one common share and may be repurchased after July 18, 2016 at $0.05 apiece.
The Irving, Texas, company plans to provide credit and debit card processing services to merchants.
| Issuer: | Excel Corp.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $230,000
|
| Shares: | 4.6 million
|
| Price: | $0.05
|
| Conversion rate: | Into one common share (per preferred)
|
| Call: | At $0.05, after July 18, 2016
|
| Warrants: | No
|
| Investors: | Thomas A. Hyde Jr. (for $115,000) and Robert L. Winspear (for $115,000)
|
| Settlement date: | March 18
|
| Stock symbol: | OTCBB: EXCC
|
| Stock price: | $0.04 at close on March 17
|
| Market capitalization: | $3.66 million
|
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