debt
confidence high
sentiment neutral
materiality 0.70
Newton Golf exchanges $2.3M convertible notes for Series A Preferred; conversion at $1.00, 10% dividend
Newton Golf Company, Inc.
- Exchanged ~$2.3M of existing convertible notes (incl. accrued interest) for 24,092.61 shares of Series A Convertible Preferred Stock.
- Series A Preferred has initial conversion price of $1.00 per common share and 10% annual dividend payable in cash or PIK.
- Company may force conversion if common stock closes at or above $3.00 for 10 consecutive trading days.
- Chairman of Board participated in exchange on same terms as other noteholders.
- Registration rights agreement requires filing resale registration statement within 30 days.