The Company evaluates subsequent events, for the purpose of adjustment or disclosure, up through the date the financial statements are available. Subsequent to March 31, 2017, there were the following material transactions that require disclosure:
On May 1, 2017, Visualant Inc., (the Company) issued 357,143 shares of Series D Convertible Preferred Stock (the Series D Shares) and a warrant to purchase 357,143 shares of common stock in a private placement to an accredited investor for gross proceeds of $250,000 pursuant to a Series D Preferred Stock and Warrant Purchase Agreement dated May 1, 2016.
The initial conversion price of the Series D Shares is $0.70 per share, subject to certain adjustments. The initial exercise price of the warrant is $0.70 per share, also subject to certain adjustments. The Company also amended and restated the Certificate of Designation for the Series D Shares, resulting in an adjustment to the conversion price of all currently outstanding Series D Shares to $0.70 per share
The transaction triggered a provision in the 500,000 outstanding shares of Series A Preferred Stock, 1,785,714 outstanding shares of Series C Preferred Stock and 752,984 outstanding shares Series D Preferred Stock to adjust the conversion price to $0.70 per share. In addition, the exercise price of 2,358,914 outstanding warrants was adjusted to $0.70 per share.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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