Yogaworks Inc. (fka YOGAQ)

[makinezmoney]

$YOGA: 8K FILED.... $5Million Convertible Note


On September 26, 2019, YogaWorks, Inc. (the “Company”) entered into a Note Purchase Agreement with Great Hill Equity Partners V, L.P. and Great Hill Investors, LLC (the “Noteholders”) pursuant to which the Noteholders purchased an aggregate of $5,000,000 of convertible promissory notes (the “Convertible Notes”). Great Hill Equity Partners V, L.P. and Great Hill Investors, LLC collectively hold approximately 68% of the Company’s outstanding common stock, par value $0.001 per share (“Common Stock”). The Convertible Notes were acquired by the Noteholders in transactions meeting the requirements of Section 4(2) and/or Regulation D under the Securities Act of 1933, as amended. The Convertible Notes bear interest at the rate of 12% per annum and have a maturity date of June 30, 2020 (the “Maturity Date”). The principal amount of the Convertible Notes, plus any accrued and unpaid interest, will be due on the Maturity Date. Noteholders will have the option, at any time and from time to time, to convert the principal of and interest accrued on the Convertible Notes into shares of Common Stock at a conversion price equal to $0.60 per share (subject to appropriate adjustment to reflect any stock split, stock dividend, reverse stock split or similar corporate event affecting the Common Stock). The Note Purchase Agreement and Notes contain customary affirmative and negative covenants and events of default relating to the Company. If an event of default occurs, the amounts due under the Convertible Notes may become immediately due and payable. The Convertible Notes are subject to prepayment at the option of the Company, in whole or in part. The proceeds of the Convertible Notes will be used for lease restructuring costs (including lease exits), general corporate restructuring costs and other general corporate purposes.



https://www.otcmarkets.com/filing/html?id=13666607&guid=VCZfUKDQe9XdGth




YogaWorks, Inc.
5780 Uplander Way
Culver City, CA 90230
Attn: Vance Chang
Email: [e-mail]


Great Hill Partners LLC
200 Clarendon St., 29th Floor
Boston, Massachusetts 02116
Attention: Peter Garran
Email: [e-mail]