Company sells promissory notes due 2014, warrants for 462,963 shares
By Devika Patel
Knoxville, Tenn., Nov. 28 - Nuvel Holdings, Inc. settled a $500,000 private placement of secured convertible promissory notes on Nov. 21, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 1.5-year notes are convertible into common stock at $0.54 per share.
The investors also received warrants for 462,963 shares. Each warrant is exercisable at $0.70.
The conversion price is a 67.07% discount to the Nov. 20 closing share price of $1.64. The warrant strike price is a 57.32% discount to that price.
The investor was paid a 20,000 fee.
The Los Gatos, Calif., company is focused on designing, developing and selling a family of data acceleration and related software and services that secure, accelerate and optimize the delivery of business data.
| Issuer: | Nuvel Holdings, Inc.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $500,000
|
| Maturity: | May 21, 2014
|
| Conversion price: | $0.54
|
| Warrants: | For 462,963 shares
|
| Warrant strike price: | $0.70
|
| Fees: | 20,000
|
| Settlement date: | Nov. 21
|
| Stock symbol: | OTCBB: NVULE
|
| Stock price: | $1.64 at close Nov. 20
|
| Market capitalization: | $19.41 million
|
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