By Sheri Kasprzak
New York, Feb. 13 - SP Holding Corp. closed a $6.5 million private placement as part of its merger with Organic Holding Co., Inc.
The company sold 130 units at $50,000 each.
Each unit consists of 40,000 shares of SP Holding under the Organic name and a five-year warrant for 8,000 shares of Organic. Each warrant is exercisable at $2.50.
The company so far as received $4,737,750 in proceeds and will receive the remainder on Feb. 19.
Burnham Hill Partners was the placement agent.
Under the merger terms, each common and preferred share of Organic was converted into 0.69781 share of SP common stock.
Located in Seattle, SP Holding, which had no operations before the merger, will now operate restaurants selling organic and natural foods.
| Issuer: | SP Holding Corp.
|
| Issue: | Units of 40,000 shares and warrants for 8,000 shares
|
| Amount: | $6.5 million
|
| Units: | 130
|
| Price: | $50,000
|
| Warrants: | One warrant for 8,000 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.50
|
| Placement agent: | Burnham Hill Partners
|
| Settlement date: | Feb. 12
|
| Stock symbol: | OTCBB: SPHG
|
| Stock price: | $3.00 at close Feb. 12
|
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