By Devika Patel
Knoxville, Tenn., July 22 - SouthPeak Interactive Corp. gave further details about a $5.5 million private placement of its 10% secured convertible notes in an 8-K filed Thursday with the Securities and Exchange Commission. Roth Capital Partners was the agent for the deal, which settled on July 19.
The note matures on July 19, 2013 and is initially convertible into common stock at $0.431 per share. After July 19, 2012, the company may redeem the notes at 103.
Investors also received warrants for 12,761,021 shares, which are each exercisable at $0.3755 until July 19, 2015. Investors will receive additional warrants if SouthPeak fails to meet financial targets in 2011.
The investors included CNH Diversified Opportunities Master Account, LP, CNH CA Master Account, LP, AQR Diversified Arbitrage Fund and Terry Phillips, SouthPeak's chairman.
Based in Falls Church, Va., SouthPeak Interactive develops and publishes interactive entertainment software.
| Issuer: | SouthPeak Interactive Corp.
|
| Issue: | Secured convertible notes
|
| Amount: | $5.5 million
|
| Maturity: | July 19, 2013
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.431
|
| Call: | After July 19, 2012
|
| Warrants: | For 12,761,021 shares
|
| Warrant expiration: | July 19, 2015
|
| Warrant strike price: | $0.375
|
| Agent: | Roth Capital Partners
|
| Investors: | CNH Diversified Opportunities Master Account, LP, CNH CA Master Account, LP, AQR Diversified Arbitrage Fund and Terry Phillips
|
| Settlement date: | July 19
|
| Stock symbol: | OTCBB: SOPK
|
| Stock price: | $0.38 at close July 19
|
| Market capitalization: | $17.42 million
|
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