Deal with Southridge also includes $50,000 convertible promissory note
By Devika Patel
Knoxville, Tenn., March 19 - Nutra Pharma Corp. arranged a $10 million equity purchase agreement with Southridge Partners II, LP on March 13, according to an 8-K filed Monday with the Securities and Exchange Commission.
The investor will buy shares in tranches at a purchase price equal to 125% of the closing price of the stock immediately following the put notice.
Southridge also received a $50,000 promissory note in consideration for the deal. The note will be convertible into common shares at a conversion price equal to 70% of the average of the two lowest closing prices for the five trading days immediately preceding a conversion notice. The investor will also be paid a $25,000 fee in cash or notes.
Nutra Pharma is a biopharmaceutical company located in Boca Raton, Fla.
Issuer: | Nutra Pharma Corp.
|
Issue: | Equity purchase agreement
|
Amount: | $10 million
|
Price: | 125% of the closing price
|
Warrants: | No
|
Investor: | Southridge Partners II, LP
|
Pricing date: | March 13
|
Stock symbol: | OTCBB: NPHC
|
Stock price: | $0.02 at close March 12
|
Market capitalization: | $5.68 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.