4//SEC Filing
SALON MEDIA GROUP INC 4
Accession 0001437749-17-001327
CIK 0001084332operating
Filed
Jan 29, 7:00 PM ET
Accepted
Jan 30, 4:01 PM ET
Size
6.0 KB
Accession
0001437749-17-001327
Insider Transaction Report
Form 4
SALON MEDIA GROUP INCSLNM.OB
HAMBRECHT WILLIAM R
10% Owner
Transactions
- Award
Series A Mandatorily Convertible Voting Preferred Stock
2017-01-26$1.24/sh+80,582$99,922→ 31,376,017 total(indirect: By Trust)
Footnotes (2)
- [F1]On Nov. 14, 2016, Salon Media Group ("Salon") entered into a stock exchange agreement ("Exchange Agreement") with its Series C Preferred holders and with related parties, including William Hambrecht, who had made advances to Salon. Pursuant to the Exchange Agreement, the related parties agreed to exchange their advances for Common Stock, and Mr. Hambrecht, who had advanced $2,913,000, was to receive 29,130,000 shares of Common Stock (equal to the sum of his advances, divided by $0.10). However, Salon's authorized Common Stock was insufficient to satisfy issuance of all the Common Stock pursuant to the Exchange Agreement.
- [F2]Accordingly, Salon and Hambrecht amended the Exchange Agreement whereby Hambrecht agreed to receive 2,246,017 shares of Common Stock, and upon Initial Closing of the Private Placement completed on Jan. 26, 2017, he would receive 268,840 shares of Series A Mandatorily Convertible Preferred Stock ("Series A Pfd"). The shares of Series A Pfd issued to Hambrecht will convert into 26,884,000 shares of Common Stock upon increased authorization of Salon's Common Stock. After this conversion, Hambrecht will hold 58,260,017 shares of Common Stock.
Documents
Issuer
SALON MEDIA GROUP INC
CIK 0001084332
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0001084332
Filing Metadata
- Form type
- 4
- Filed
- Jan 29, 7:00 PM ET
- Accepted
- Jan 30, 4:01 PM ET
- Size
- 6.0 KB