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HKUP Places Convertible Notes into Friendly Hands
Last Updated: Aug. 21, 2014 - 8:00am EST
(NEW YORK)--
iHookup Social, Inc. (OTC:HKUP), a fully reporting public company that develops and markets a mobile app based on hyper-local connections, places convertible notes in more friendly hands.
As any experienced trader knows the biggest killer to any investor rally is when outstanding notes are converted and dumped into any run by known toxic funders. These have been a major issues over past few years as small public companies find their only source of working capital is from these known toxic note funders, which always results in sharp dilution and price decreases. These toxic funders have little to no interest in the long-term prospects of companies they fund, and tend to sell once matured deep below the bid usually resulting in major losses for small investors in these stocks.
Well, on June 9, 2015, HKUP effected a major consolidation of its convertible debt on June 5, 2015, with Coventry Enterprises, LLC becoming the major note holder of the Company. Coventry entered into Debt Purchase Agreements totaling $240,818 with the Company’s other convertible note promissory holders, thus placing a large overhang of potential converting notes into friendlier hands.
This is a major development as this now gives HKUP room to run without fear of constant selling of new shares from note conversions from group of toxic funders.
HKUP $1.5 Million Funding
In addition to this note roll-up, HKUP also announce it has secured $1.5 million in financing from Alpha Capital, through way of introduction from Coventry Enterprises, providing the Company with necessary funds to execute its 12 month growth plan of its mobile GPS social networking platform.
HKUP has already received the first tranche of $750,000, and is expected to receive the rest upon stock performance gauges. This puts in place a friendly and large source of funding behind HKUP now.
This new funding now positions HKUP to launch out its new social GPS mobile app Friendable platform, and more important greatly reduce need for company to tap new toxic funding sources in future, and can be very bullish for any stock appreciation from these levels.
HKUP has around 140 million shares issued and outstanding, and closed at a price of around $0.0075 per share.
About Friendable
Friendable is a mobile-social app positioned at the intersection of location based connections, love and adventure, stimulating hyper-local opportunities for our user community as well as the venues and merchants competing for their business.
The company seeks to redefine the way people connect, find love or embark on an adventure. iHookup Social is where real people make real connections and businesses pay to be their host. The by-product of our business model inherently produces “hyper-local” advertising opportunities for the company, driving customers to local venues and / or businesses. The laws of attraction or making a new connection have shifted, with the traditional meaning of “being social” or “meeting up,” now taking a backseat to meeting online or through a mobile device and apps. www.friendable.com
About iHookup Social:
iHookup Social is a mobile - social app positioned at the intersection of location based connections, love and adventure, stimulating hyper - local opportunities for our user community as well as the venues and merchants competing for their business. www.ihookupsocial.com
