Interesting that MDBX failed to mention that the private equity investment was for COMMON STOCK. Wouldn't it be funny if it was a convertible preferred stock deal?
Preferred stock that is convertible into "restricted" common stock.
HOLLYWOOD, Calif., Feb. 19, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), announced that the company has executed a $6 million equity transaction with a private investment firm involving a restricted stock purchase directly from the company at market rate as of January 17, 2013 for $5 million and the remaining $1 million stock purchase at a discount to market. The shares issued are considered a long-term investment for the firm that specializes in funding up-and-coming companies. The investment firm has made an initial payment to Medbox and is scheduled to complete funding of the transaction by May 2013.
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