By Devika Patel
Knoxville, Tenn., April 9 - National Holdings Corp. said it will raise $5 million in a private placement of its series C preferred stock with Fund.com Inc.
The company will sell 5,000 preferreds at $1,000.00 apiece.
The initial investment will take the form of a $500,000 promissory note that will convert into the preferreds upon completion of the financing. If the financing does not settle, the note will convert into common stock, based on a per-share price of $0.75.
Fund.com will also receive 25,333,333 warrants, which are exercisable at $0.75.
New York-based National Holdings is a holding company for National Securities Corp., National Insurance Corp. and National Holdings Mortgage Corp.
| Issuer: | National Holdings Corp.
|
| Issue: | Series C preferred stock
|
| Amount: | $5 million
|
| Shares: | 5,000
|
| Price: | $1,000.00
|
| Warrants: | 25,333,333 warrants
|
| Warrant strike price: | $0.75
|
| Investor: | Fund.com Inc.
|
| Pricing date: | April 9
|
| Stock symbol: | OTCBB: NHLD
|
| Stock price: | $0.60 at close April 8
|
| Market capitalization: | $10.51 million
|
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