By Devika Patel
Knoxville, Tenn., July 17 - SouthPeak Interactive Corp. sold another $880,000 of series A convertible preferred shares on July 11, according to an 8-K filed Thursday with the Securities and Exchange Commission.
On May 12, the company completed a $2 million tranche of this private placement. SouthPeak raised $4.59 million in a second tranche on May 21 and $2.21 million in a May 30 third tranche. The company settled a $4.19 million fourth tranche on June 11.
The total size of the placement is now $13.86 million.
The company sold 2 million preferreds for $1.00 apiece in the first tranche. It sold 4,585,000 preferreds at that price in the second tranche, 2,207,500 preferreds in the third tranche and 4,192,333 preferreds in the fourth tranche. SouthPeak sold 880,000 preferreds in this tranche.
The preferreds are convertible into common shares. The conversion price is initially $1.00 and is subject to adjustment.
Proceeds will be used for working capital and general corporate purposes.
Based in Falls Church, Va., SouthPeak Interactive, formerly known as Global Services Partners Acquisition Corp., develops and publishes interactive entertainment software.
| Issuer: | SouthPeak Interactive Corp.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $13,864,833
|
| Shares: | 13,864,833
|
| Price: | $1.00
|
| Conversion price: | $1.00
|
| Warrants: | No
|
| Settlement date: | May 12 (for $2 million), May 21 (for $4,585,000), May 30 (for $2,207,500), June 11 (for $4,192,333), July 11 (for $880,000)
|
| Stock symbol: | OTCBB: GSPA
|
| Stock price: | $1.02 at close May 12
|
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