Latest 8-K
In connection with the entry into the New Senior Loan Facility, the Company has agreed to issue new shares of common stock, $0.0001 par value, to the lenders thereunder equal to 28.2% of the Company’s outstanding common stock upon consummation of the Exchange Offer (2,841,682 shares after giving effect to a 135-to-1 reverse stock split, assuming that all outstanding Existing Notes as of the commencement of the Exchange Offer are tendered and accepted for exchange in the Exchange Offer) (the “New Senior Loan Shares”). These New Senior Loan Shares include shares of common stock equal to 9.40% of the Company’s outstanding stock upon consummation of the Exchange Offer that will be issued to the initial lenders who funded the Company’s borrowings pursuant to its initial draw under the New Senior Loan Facility and additional shares of common stock equal to 18.8% of the Company’s outstanding common stock upon consummation of the Exchange Offer (947,227 and 1,894,454 shares, respectively, after giving effect to a 135-to-1 reverse stock split, assuming that all outstanding Existing Notes as of the commencement of the Exchange Offer are tendered and accepted for exchange in the Exchange Offer), which will become issuable in connection with future draws under the New Senior Loan Facility. The New Senior Loan Shares will be issued upon consummation of the Exchange Offer, which is currently expected to occur on July 27, 2016, subject to the terms and conditions of the Exchange Offer, including any potential extension of the Exchange Offer by the Company. The New Senior Loan Shares will be issued directly to the lenders under the New Senior Loan Facility pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended, under Section 4(a)(2) thereof.
