Net Element (NETE) Execute Trance-for-Shares Swap with Crede
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Net Element (NASDAQ: NETE) disclosed the following on Tuesday:
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On August 9, 2016, Net Element, Inc. (the “Company”) opted to exchange a tranche in the aggregate amount of $200,000 for 104,942 shares of the Company common stock based on the “exchange price” of $1.9058 per share for this tranche pursuant to the Master Exchange Agreement, (the “Agreement”) with Crede CG III, Ltd. (“Crede”). The Agreement and its terms were disclosed in our Current Report on Form 8-K filed on May 3, 2016. Such shares of common stock of the Company were issued to Crede under an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon Section 3(a)(9) of the Securities Act.
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