4//SEC Filing
Kanavos Paul 4
Accession 0001209191-11-017328
CIK 0001410402other
Filed
Mar 10, 7:00 PM ET
Accepted
Mar 11, 4:11 PM ET
Size
9.6 KB
Accession
0001209191-11-017328
Insider Transaction Report
Form 4
Circle Entertainment, Inc.FXRE.PK
Kanavos Paul
DirectorPresident10% Owner
Transactions
- Award
Common Stock
2011-03-08+8.3→ 158.3 totalExercise: $0.46→ Common Stock - Award
Common Stock Warrants (right to buy)
2011-03-08+8.3→ 158.3 totalExercise: $0.58From: 2011-03-08Exp: 2016-03-08→ Common Stock (43,250 underlying)
Footnotes (4)
- [F1]The reported securities are included within 8.3 Units purchased by the Reporting Person and his spouse, Dayssi Olarte de Kanavos, as joint tenants, from the Issuer for $8,333 in a private placement. Each Unit consists of one share of Series B Convertible Preferred Stock and one warrant to purchase up to 2,596 shares of common stock at $0.5778 per share.
- [F2]The shares of Series B Convertible Preferred Stock are convertible, at the option of the Reporting Person, into shares of Issuer common stock at the above conversion price if at any time the closing price of the shares of Issuer common stock is at least the conversion price for ten (10) consecutive trading days. Each time, for a period of 60-days thereafter, the shares of Series B Convertible Preferred Stock are convertible into the number of shares of Issuer common stock equal to the then current stated value (initially $1,000, subject to increase periodically to include any accrued and unpaid dividends) divided by the conversion price.
- [F3]Upon the earlier of: (x) consummation of the Issuer's sale (or series of related sales) of its capital stock (or securities convertible into its capital stock) from which the Issuer generates net proceeds of at least $25 million or (y) March 7, 2015 the Series B Convertible Preferred Stock shall automatically convert into the number of shares of Issuer common stock equal to the then current stated value divided by the conversion price. If at any time the closing price of the shares of Issuer common stock is at least $3.85per share for fifteen (15) consecutive trading days, the Issuer may redeem the outstanding Series B Convertible Preferred Stock at the then current stated value. Series B Convertible Preferred Stock is redeemable each time in whole or in part for a period of 120-days thereafter.
- [F4]Reference is made to the Reporting Person's Form 4 dated August 18, 2010 for the conversion price, the automatic conversion date and the minimum closing share price for redemption of 150 of the Series B Convertible Preferred Stock reported in this column.
Documents
Issuer
Circle Entertainment, Inc.
CIK 0001410402
Entity typeother
Related Parties
1- filerCIK 0001373244
Filing Metadata
- Form type
- 4
- Filed
- Mar 10, 7:00 PM ET
- Accepted
- Mar 11, 4:11 PM ET
- Size
- 9.6 KB