PR Newswire11 hours ago
MIAMI, Aug. 16, 2018 /PRNewswire/ -- Cool Holdings, Inc. (AWSM) today announced that it has completed an exchange of $11.4 million of outstanding debt and related accrued interest into approximately 3,110,000 units at a price of $3.68 per unit. Each unit was comprised of (i) one share of common stock or 0% Series A Preferred stock of the Company and (ii) a warrant to purchase one share of common stock of the Company with an exercise price of $3.56 per share. The warrants are exercisable beginning six months after issuance and expire three years from the date of issuance. Each share of preferred stock is convertible into common stock on a one-for-one basis. The exchange of units for outstanding debt and related accrued interest was made in reliance on the exemption from the registration requirements of the Securities Act of 1933, as amended (the "Act"), provided by Section 3(a)(9) of the Act., and all of the securities issued in the transaction are "restricted securities.," as defined in Rule 144(a)(3), promulgated under the Act. Following the transaction, the Company now has 7,202,284 common shares outstanding.