Merriman Holdings, Inc. announced that it has received $1 million in funding.
April 27, 2015
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Merriman Holdings, Inc. (OTCPK:MERR) announced that it has entered into a note purchase agreement with a new investor EGS, LLC for the private placement of a secured promissory note for gross proceeds of $1,000,000 on April 28, 2015. The company also issued warrants to purchase 500,000 shares of the company's common stock at an exercise price of $1 per share and expiring on April 20, 2020. The note carries a fixed interest of 12% per annum and will mature on April 20, 2016. The parties to the agreement shall bear their respective costs and expenses incurred in connection with the preparation and execution of the agreement and the transactions contemplated.
The unpaid principal amount shall bear interest at a rate per annum equal to 12% calculated on the basis of a 365 day year and the actual number of days elapsed and payable quarterly in arrears on the last business of July, October, and January in each year and on the maturity Date; provided, however, that upon the occurrence and during the continuance of any event of default, all outstanding principal shall bear interest at a rate per annum equal to 15% calculated on the basis of a 365 day year and the actual number of days elapsed, which interest shall be payable upon demand. If any interest is determined to be in excess of the then legal maximum rate, then that portion of each interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of the obligations evidenced by this promissory note. All accrued and unpaid interest shall be payable on the maturity date or on such earlier date as this promissory note shall be prepaid, in whole or in part.
Merriman Holdings, Inc. is a financial services holding company. The Company, through its wholly owned operating subsidiary Merriman Capital, Inc. (MC), provides capital markets advisory and research, corporate and investment banking services. The Company has three operating segments: MC, Financial Entrepreneurial Platform (FEP) and Capital Market Advisory Services (CMAG). The Company's MC segment includes a range of services, such as capital raising and financial advisory services for corporate clients, and brokerage and equity research services for its institutional investor clients. The Company's FEP segment includes capital raising services through a network of independent investment bankers. The Company's CMAG segment includes capital market advisory services, such as assisting corporate issuers in listing on OTCQX, the OTC Market tier, along with other services that facilitate the access to institutional capital markets.