10% convertible note due Sept. 8, 2015 purchased by investor GreenTech
By Devika Patel
Knoxville, Tenn., May 21 – Saleen Automotive, Inc. sold a $500,000 first lien convertible note to GreenTech Automotive, Inc. in a private placement on May 8, according to an 8-K filed Thursday with the Securities and Exchange Commission. The principal includes the rollover of a March 2015 $100,000 note.
The 10% note is due on Sept. 8, 2015 and is convertible into common shares at a price equal to the lesser of $0.075 or the three lowest volume weighted average prices of the stock during the 20 consecutive trading days preceding the conversion date, with a floor conversion price of $0.02.
Proceeds will be used to acquire vehicle chassis and vehicle parts.
The Corona, Calif., company seeks to acquire, develop and market software and services that are focused to enhance the performance and functionality of internet services used by small to medium-sized businesses.
| Issuer: | Saleen Automotive, Inc.
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| Issue: | First lien convertible note
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| Amount: | $500,000, including the rollover of a $100,000 note
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| Maturity: | Sept. 8, 2015
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| Coupon: | 10%
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| Conversion price: | The lesser of $0.075 or the three lowest volume weighted average prices of the stock during the 20 consecutive trading days preceding the conversion date, floor of $0.02
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| Warrants: | No
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| Investor: | GreenTech Automotive, Inc
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| Settlement date: | May 8
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| Stock symbol: | OTCBB: SLNN
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| Stock price: | $0.01 at close May 7
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| Market capitalization: | $392,055
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