Show all filings for ATRINSIC, INC.
Form 8-K for ATRINSIC, INC.
2-Nov-2015
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sh
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On October 30, 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 October 30, 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 and on September 3, 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.
The foregoing description of the Secured Convertible Notes and the Letter Agreements are qualified in their entirety by the full text of the Secured Convertible Notes and the Letter Agreements, which are filed as Exhibits 4.1, 4.2, 10.1 and 10.2, respectively, hereto and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit
Number Description of Exhibits
4.1 Secured Convertible Note, dated October 30, 2015, in the principal
amount of $25,000, bearing interest at the rate of 5.0% per annum
issued by the Company to Iroquois.
4.2 Secured Convertible Note, dated October 30, 2015, in the principal
amount of $25,000, bearing interest at the rate of 5.0% per annum
issued by the Company to Hudson.
10.1 Letter agreement, dated October 30, 2015, between the Company and
Iroquois amending 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 and on September 30, 2015.
10.2 Letter agreement, dated October 30, 2015, between the Company and
Hudson amending 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 and on September 30, 2015.
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