Business
Jerrick Media Holdings, Inc. Accomplished Converting Over $12,000,000 of Securities In Addition to Placing $3,000,000 of Common Stock and Warrants as Part of an Upround Private Placement
Jerrick Media Holdings, Inc. Accomplished Converting Over $12,000,000 of Securities In Addition to Placing $3,000,000 of Common Stock and Warrants as Part of an Upround Private Placement.
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[{"type":"text","content":"\n\n\n\nJerrick Media Holdings, Inc. Accomplished Converting Over $12,000,000 of Securities In Addition to Placing $3,000,000 of Common Stock and Warrants as Part of an Upround Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:1pt; PADDING-LEFT:0.83em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n\n\n\n\n\n\nJerrick Media Holdings, Inc. Accomplished Converting Over $12,000,000 of Securities In Addition to Placing $3,000,000 of Common Stock and Warrants as Part of an Upround Private Placement\n- In a show of confidence, both current and new investors participated in the incremental common stock and warrant private placement.\n- The newly fortified balance sheet, together with the capital infusion, optimizes Jerrick's growth and advancement ahead of the intended uplisting.\nPR Newswire\nNEW YORK, Sept. 4, 2018\n\n\n\nNEW YORK, Sept. 4, 2018 /PRNewswire/ -- Jerrick Media Holdings, Inc., (OTCQB: JMDA) (the \"Company\" or \"Jerrick\"), a technology company and the creators of Vocal, today announced the conversion of $12,138,152 of debt and preferred stock into common equity. The conversions eliminate 85% of all previously outstanding convertible debt and preferred stock. The Company expects the remaining 15% of debt and preferred securities to be converted before the end of September, 2018.\n\nIn addition, the Company announced its raise of $3,000,000 through an above-market equity private placement. Each unit consists of one (1) share of common stock and a warrant to purchase one (1) share of common stock and were sold at a price of $0.25 per unit. The warrants are exercisable for a period of five years at an exercise price of $0.30 per share, subject to adjustment. The net proceeds of the offering are expected to be used for working capital purposes. The Company has the right, but is not obligated, to raise an additional $2,000,000 through the end of September. Management ...