Form 8-K for AEROGROW INTERNATIONAL, INC.
10-Jul-2015
Entry into a Material Definitive Agreement, Creation of a Direct Fin
As previously reported in a Current Report on Form 8-K filed with the SEC on April 23, 2013, the Company entered into a strategic alliance with The Scotts Miracle-Gro Company in which, among other things, the Company issued: (i) 2,649,007 shares of Series B Convertible Preferred Stock to a wholly owned subsidiary of Scotts Miracle-Gro; and (ii) a warrant to purchase shares of the Company’s common stock for an aggregate purchase price of $4.0 million. As reported in the Company’s Annual Report on Form 10-K for the year ended March 31, 2015, The Scotts Miracle-Gro Company and its affiliates beneficially own approximately 34.0% of the Company’s common stock (on an as-converted basis). The Term Loan was approved by disinterested members of the Company’s Board of Directors.
The foregoing description of the $6.0 Million Term Loan Agreement does not purport to be complete, and is qualified in its entirety by reference to the full text of the agreement, which is filed as Exhibit 10.1 hereto and are incorporated herein by reference.
(d) Exhibits Exhibit Number Description 10.1 Term Loan and Security Agreement 99.1 Press Release Issued by AeroGrow International, Inc. on July 9, 2015 |
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