By Devika Patel
Knoxville, Tenn., Dec. 22 - SwissINSO Holding Inc. raised $1.45 million from a private placement of 9% secured convertible notes on Dec. 16, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes are convertible into common stock at $0.50 per share. The company may force conversion under certain circumstances.
The investors also received five-year warrants for 2.9 million shares, which are exercisable at $1.00.
The development-stage blank check company is based in Coral Springs, Fla.
| Issuer: | SwissINSO Holding Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $1.45 million
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | $0.50
|
| Warrants: | For 2.9 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Settlement date: | Dec. 16
|
| Stock symbol: | OTCBB: SWHN
|
| Stock price: | $1.89 at close Dec. 16
|
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