Business
Vapor Corp. Announces Intention to Conduct Registered Exchange Offer for Outstanding Series A Warrants
Vapor Corp. Announces Intention to Conduct Registered Exchange Offer for Outstanding Series A Warrants.
About this update from Healthier Choices Management Corp.
[{"type":"text","content":"\n\n\n\nVapor Corp. Announces Intention to Conduct Registered Exchange Offer for Outstanding Series A Warrants\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\n\n\n\n\n\nVapor Corp. Announces Intention to Conduct Registered Exchange Offer for Outstanding Series A Warrants\nPR Newswire\nDANIA BEACH, Fla., June 21, 2016\n\n\n\n\n\n\n\n\nDANIA BEACH, Fla., June 21, 2016 /PRNewswire/ -- Vapor Corp. (OTCQB: VPCOD) (the \"Company\"), a leading U.S.-based distributor and retailer of vaporizers, e-liquids, e-cigarettes and e-hookahs, announced today that it intends to conduct a registered exchange offer to provide both $0.25 per Series A Warrant exchanged and a Series B Warrant of the Company in exchange for each of its outstanding Series A Warrants. \n\nEach outstanding Series A Warrant currently represents the right to (1) effect a cashless exercise permitting the holder to receive shares of Company common stock under a formula set forth in the Series A Warrants or (2) purchase one share of common stock for $1.24 per share in a cash exercise. Currently, under the formula for a cashless exercise, each Series A Warrant represents the right to receive approximately 5,410 shares of common stock.  As of June 20, 2016, there were 70,644,794 Series A Warrants issued and outstanding.  All of the figures with respect to the Series A Warrants do not give effect to the two reverse splits of the Company common stock in 2016. \n\nThe terms of the Series B Warrants are expected to include the following features: \n\n\nEach Series B Warrant will be exercisable into one share of Vapor common stock at an exercise price per share of $0.01. \nThe shares of Vapor common stock issuable upon exercise of the Series B Warrants will be registered for resale pursuant to a registration statement prior to issuance of the Series B Warrant. \nThe Series B Warrants will expire on July 30, 2021 compared to the expiration date of July 23, 2020 for the Series A Warrants. \nSimilar to the Series A Warrants, the Series B Warrants will contain a limitation under which exercise is not permitted to the extent t...