| Home : August 08 2012 Computer News : Coupon Express, Inc. Converts $646,000 of Existing Indebtedness Into Common Stock, Triggering Automatic Conversion of $2,760,500 of Senior Notes Into Series A Preferred Stock |
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Coupon Express, Inc. Converts $646,000 of Existing Indebtedness Into Common Stock, Triggering Automatic Conversion of $2,760,500 of Senior Notes Into Series A Preferred Stock |
August 08, 2012
NEW YORK, NY--(Marketwire - Aug 8, 2012) - Coupon Express, Inc. (PINKSHEETS: CPXP) (formerly PSI Corp.) today announced the conversion of $646,000 of the Company's 14% Convertible Subordinated Notes due June 23, 2011 into 7,177,777 shares of the Company's Common Stock, pursuant to agreements with the respective noteholders. As a result of this conversion, all of the Company's outstanding Cumulative Convertible Senior Notes, in the aggregate principal amount of $2,760,500, have converted automatically into shares of the Company's Series A Preferred Stock. The Senior Notes converted at a rate of one share of Series A Preferred Stock for each $25,000 of Senior Notes. The shares of Preferred Stock bear a cumulative dividend of 7% per annum. Upon liquidation, and upon an acquisition of the Company, the holders of Preferred Stock are entitled to a liquidation preference equal to the greater of (i) the amount invested plus all accrued and unpaid dividends, and (ii) the amount the holders of Preferred Stock would receive had they converted the Preferred Stock to Common Stock immediately prior to such event. Each share of Preferred Stock is convertible into 1,250,000 shares of the Company's Common Stock, subject to certain adjustments.
Link: http://www.marketwire.com/mw/release.do?id=1688777&sourceType=3
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