other material
confidence high
sentiment neutral
materiality 0.75
Apple iSports Group secures $25M equity facility from LDA Capital; issues warrants
Apple iSports Group, Inc.
- Entered $25M common stock purchase facility with LDA Capital on firm commitment basis over 3 years.
- Purchase price at 90% of avg daily closing price during 10-day pricing period; draw down up to 400% of 10-day avg daily volume.
- LDA received 2% commitment fee ($500K) plus $25K expense; warrant for 7,692,492 shares at $7.76, adjustable at 6/18 months.
- Beneficial ownership capped at 4.99%; company must file effective S-1 within 120 days to register shares.
- Transaction exempt under Section 4(a)(2) and Regulation D; warrant exercise price adjusts to lower of initial or 110% of VWAP.