Be Active Holdings, Inc. announced that it has received $1.8 million in funding
The transaction included participation from certain accredited investors. The preferred stock is convertible into common shares of the company. The conversion ratio of the preferred stock is subject to adjustment in the case of stock splits, stock dividends, combination of shares and similar recapitalization transactions. The company is prohibited from effecting the conversion of the preferred stock to the extent that as a result of such conversion, the holder would beneficially own more than 9.99%, in the aggregate, of the issued and outstanding shares of common share calculated immediately after giving effect to the issuance of shares of common share upon the conversion of the preferred stock. The warrants are exercisable for a period of five years from the date of issuance and have an exercise price of $0.03 per share. Certain members of the company's management have agreed to invest an aggregate of $250,000 into the company within thirty days of the closing of the transaction. As a result of the transaction, the investors will hold in excess of 5% of the company's issued and outstanding common stock.