trending Market Intelligence /marketintelligence/en/news-insights/trending/9vHNuf_TCzc3cCXZ5t3fdg2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Cachet Financial to issue convertible notes, warrants to investor groups

Podcast

Street Talk Episode 76: Record pace of fintech M&A, funding in Q1'21 has legs

Street Talk – Episode 76: Record pace of fintech M&A, funding in Q1'21 has legs

Fintech Intelligence Digital Newsletter: April 2021

Blog

Fintech Intelligence Newsletter: March 2021


Cachet Financial to issue convertible notes, warrants to investor groups

Cachet Financial Solutions Inc. entered into respective securities purchase agreements with investors Brett Nesland and Cross River Partners LP, and with Anglian Holdings Inc., David Boehnen and Vikki Copley.

Under the agreements, Cachet Financial agreed to issue to the investors convertible notes, due January 2018, in an aggregate principal amount of about $2.9 million and warrants to purchase 529,161 Cachet Financial common shares, subject to adjustments, in exchange for an aggregate purchase price of $2.8 million, payable in cash.

The notes will not bear any interest and are payable in full in January 2018.

The investors may elect to convert the principal amount of the notes into Cachet Financial common shares at any time before the maturity date at a conversion price per share equal to the lower of $7.00 and 80% of the per-share price of the company's common stock in its next underwritten public offering. Cachet Financial will have the right to require the investors to convert the notes into the company's common shares at that conversion price if the company's common stock is listed on the Nasdaq Capital Market, the Nasdaq Global Market or the Nasdaq Global Select Market.

The warrants will have an exercise price per share equal to the lower of $5.55 and 80% of the per-share price of Cachet Financial common shares in the company's next underwritten public offering, subject to adjustments, and are exercisable for a five-year period.