Progressive Care Inc (RXMD)

[Franky-vincent]

On July 22, 2016, the Company entered into a Securities Purchase Agreement with Chicago Ventures Partners. L.P. (the Investor), a Utah limited partnership. The Investor purchased from the Company, a 10% convertible promissory note in the aggregate principal amount of $2,205,000, including a 10% OID and $5,000 attorney’s fee. The Note is convertible in 1 year at the lesser of Market Price or $0.05 on the date of conversion. The purchase price is to be delivered in eight (8) tranches. The Company has received the initial tranche of $250,000 at the closing of the transaction. The Company’s subsidiary has agreed to guarantee the Company’s obligations under the Note. The Company intends to use the net proceeds for general working capital for PharmCo, LLC and Progressive Care Inc to further both companies’ ongoing growth and development.


does it means that chicago ventures partners cannot sell convertible at lower price than 0.05 ?