WebMediaBrands Inc. WEBM today announced that it had obtained a
$1,750,000 loan from Alan Meckler, the Company's Chief Executive Officer, and
that Mr. Meckler had agreed to reduce the effective interest on an existing
loan to the Company by $480,000 per year. The new and existing loans bear
interest at the fixed rates of 3.1% and 3.4% per annum, respectively, and both
loans will mature in 2016. No principal payments are required on either loan
until July 2014. The Company also issued stock options to Mr. Meckler to
purchase one million shares of common stock. The stock options were issued
under the Company's existing 2008 stock option plan.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in