Convertible note due Aug. 8, 2014 was purchased by Asher Enterprises
By Devika Patel
Knoxville, Tenn., Nov. 19 - FONU2 Inc. sold a $128,500 convertible note to Asher Enterprises, Inc. on Nov. 6, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 8% note is due Aug. 8, 2014 and may be converted into common shares at 58% of the average of the lowest three trading prices for the stock during the 10-trading-day period ending on the trading day before the conversion date.
Fort Lauderdale, Fla.-based FONU2 is a social commerce company that provides a mobile sales and marketing platform that functions like an order reservations and booking system.
| Issuer: | FONU2 Inc.
|
| Issue: | Convertible note
|
| Amount: | $128,500
|
| Maturity: | Aug. 8, 2014
|
| Coupon: | 8%
|
| Conversion price: | 58% of the average of the lowest three trading prices for the stock during the 10-trading-day period ending on the trading day before the conversion date
|
| Warrants: | No
|
| Investor: | Asher Enterprises, Inc.
|
| Settlement date: | Nov. 6
|
| Stock symbol: | OTCBB: FONU
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| Stock price: | $0.05 at close Nov. 5
|
| Market capitalization: | $5.47 million
|
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