TRUE DRINKS HOLDINGS, INC. Files SEC form 8-K, Unregistered Sale of Equity Securities

By September 14, 2016Latest News

Summary of TRUE DRINKS HOLDINGS, INC. – Yahoo! Finance

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Unregistered Sale of Equity Securities

Item 3.02 Unregistered Sales of Equity Securities.

Between August 31, 2016 and September 13, 2016, True Drinks Holdings, Inc. (the "Company") offered and sold a total of 13,400 shares of Series C Convertible Preferred Stock (the "Series C Preferred") to accredited investors (the "Investors") for gross proceeds of $1.34 million in connection with the Series C Offering previously disclosed by the Company in the Current Report on Form 8-K filed on April 19, 2016. As additional consideration, the Company issued five-year warrants (the "Warrants") to the Investors to purchase an aggregate total of approximately 8.9 million shares of the Company's common stock, par value $0.001 per share ("Common Stock"), for $0.15 per share. The Company expects to use these proceeds for general working capital purposes. The Company has now completed all issuances contemplated by the Securities Purchase Agreement, first dated April 13, 2016, as amended (the "Purchase Agreement"), and has received aggregate gross proceeds of $5.0 million from the Series C Offering.

The shares of Series C Preferred and Warrants reported herein were offered and sold in transactions exempt from registration under the Securities Act in reliance on Section 4(2) thereof and Rule 506 of Regulation D thereunder. Each Investor represented that it was an "accredited investor" as defined in Regulation D, and that it is not subject to the "Bad Actor" disqualifications described in Rule 506(d).

The foregoing description of the Purchase Agreement and Warrant a do not purport to be complete, and are qualified in their entirety by reference to the full text of the form of Purchase Agreement and form of Warrant, attached to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 19, 2016, each of which are incorporated by reference herein.

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