The Grilled Cheese Truck, Inc. announced that it expects to receive $5 million in funding.
On December 20, 2013, the company announced that it has amended the terms of the transaction. The company will now receive $5,750,000 in funding. The company will pay sales commission of $575,000 and finder's fees of $11,500. I-Bankers Securities, Inc. and MARV Capital will act as placement agents to the company in the transaction. Commissions and fees will be paid solely to registered broker-dealers.
On February 28, 2014, the company exercised the first thirty day extension.
As of March 5, 2014, the company has raised $462,500 in funding from 12 investors.
As of March 10, 2014, the company has received $815,000 in tranche closing from 28 accredited investors. The company issued 652,000 units pursuant to the transaction. The company will issue a warrant to I-Bankers Securities, Inc. to purchase a number of common stocks equal to 10% of the number of securities sold in the transaction by I-Bankers Securities, Inc. The warrant will be exercisable for a period of four years at an exercise price of $2.50 per share. The company paid $10,000 to I-Bankers Securities, Inc. The company will pay lagal fees up to $25,000 to I-Bankers Securities, Inc. The parties agreed that up to $1,500,000 of the transaction will be syndicated or sold by the company. I-Bankers will not receive any compensation or fees in connection with any securities sold to any investors introduced by the syndicate and/or sold by the company in this transaction. Further, for a period of 18 months after the engagement of I-Bankers terminates, the company agreed to pay I-Bankers the fees in connection with any securities sold to investors introduced to the company by I-Bankers prior to the termination of engagement and which such investors were identified and approved by the company.
From March 14, 2014 to May 29, 2014, the company received $1,595,625 in tranche closing from 12 accredited investors. The company has issued 1,276,500 units in the tranche.