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Form 8-K for ATRINSIC, INC.
9-Sep-2015
Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligat
Item 1.01 Entry into a Material Definitive Agreement
See disclosure in response to Item 2.03 below with respect to the Letter Agreements and the Modification Agreements.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On September 3, 2015, Atrinsic, Inc., a Delaware corporation (the "Company") issued secured convertible promissory notes (the "Secured Convertible Notes") in the principal amount of $25,000 to each of Iroquois Master Fund Ltd ("Iroquois") and Hudson Bay Master Fund Ltd. ("Hudson") (for an aggregate of $50,000), each an existing secured lender to the Company. The Secured Convertible Notes have a maturity date of August 31, 2016 and bear interest at the rate of 5.0% per annum, payable at maturity. The outstanding principal and accrued interest of each Secured Convertible Note is convertible, subject to a 4.99% Beneficial Ownership Cap (as defined in the Secured Convertible Notes), into shares of the Company's common stock ("Common Stock") at an initial conversion price of $5.00 per share (subject to adjustment), at the option of the respective holders.
The obligations of the Company under the Secured Convertible Notes are secured by a first priority security interest in all of the property of the Company pursuant to letter agreements, dated September 3, 2015, with each of Iroquois and Hudson, respectively (the "Letter Agreements"). The Letter Agreements further amend the First Amended and Restated Security Agreement among the Company, Iroquois and Hudson dated as of December 18, 2014, as amended on May 15, 2015, to include the Company's obligations under the Secured Convertible Notes. The proceeds of the Secured Convertible Notes will be utilized by the Company to fund its working capital needs.
On September 3, 2015, the Company also entered into note modification agreements, made as of July 31, 2015, with each of Iroquois and Hudson (the "Modification Agreements") pursuant to which the maturity dates of the Prior Notes (as defined in the Modification Agreements) were extended to August 31, 2016 and the Prior Notes were amended to permit conversion of the principal and accrued interest due and payable under the Prior Notes into shares of Common Stock in accordance with the same terms and provisions of the Secured Convertible Notes.
The foregoing description of the Secured Convertible Notes, the Letter Agreements and the Modification Agreements are qualified in their entirety by the full text of the Secured Convertible Notes, the Letter Agreements and the Modification Agreements, which are filed as Exhibits 4.1, 4.2, 10.1, 10.2, 10.3 and 10.4, respectively, hereto and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
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