Franklin Credit Management Corporation announced that it has received $4.1 million in funding
On October 11, 2013, the company issued 250,000 preferred shares for proceeds of $500,000 to the investor in its first tranche closing. The investor may purchase a minimum of 100,000 preferred shares per month for an aggregate minimum monthly purchase of $200,000 in cash in non-refundable funds, monthly on the 20th of each month. The investor shall have no right to withdraw, redeem or exchange the preferred shares, or receive a liquidation preference on account of the shares.
On October 18, 2013, the company announced that it has received $200,000 in its second tranche closing. The company issued 100,000 shares in this tranche. The company has received $700,000 in the transaction.
On November 19, 2013, the company announced that it has received $200,000 in its third tranche closing. The company issued 100,000 shares in this tranche. The company has received $900,000 in the transaction.
On December 19, 2013, the company announced that it has received $500,000 in its fourth tranche closing. The company issued 250,000 shares in this tranche. The company has received $1,400,000 in the transaction.
On January 17, 2014, the company announced that it has received $200,000 in its fifth tranche closing. The company issued 100,000 shares in this tranche. The company has received $1,600,000 in the transaction.
On February 20, 2014, the company announced that received $200,000 in its sixth tranche closing. The company issued 100,000 shares in this tranche. The company has received $1,800,000 in the transaction.
On March 20, 2014, the company announced that it has received $200,000 in its seventh tranche closing. The company issued 100,000 shares in this tranche. The company has received $2,000,000 in the transaction.
On April 18, 2014, the company announced that it has received $200,000 in its eighth tranche closing. The company issued 100,000 shares in this tranche. The company has received $2,200,000 in the transaction.
On May 19, 2014, the company announced that it has issued 100,000 shares for proceeds of $200,000 in its ninth tranche closing. The company has received $2,400,000 in the transaction.
On June 20, 2014, the company announced that it has issued 100,000 shares for proceeds of $200,000 in its tenth tranche closing. The company has received $2,600,000 in the transaction.
On July 18, 2014, the company announced that it has issued 100,000 shares for proceeds of $200,000 in its eleventh tranche closing. The company has received $2,800,000 in the transaction.
On July 23, 2014, the company announced that it has issued 100,000 shares for proceeds of $200,000 in its twelfth tranche closing. The company has received $3,000,000 in the transaction.
On August 12, 2014, the company announced that it has issued 100,000 shares for proceeds of $200,000 in its thirteenth tranche closing. The company has issued 1,600,000 preferred shares till date as part of the transaction.
On August 19, 2014, Franklin Credit Management Corporation closed the transaction. The company issued 450,000 shares of preferred stock for an aggregate price of $900,000 to existing investor Thomas J. Axonin in its final tranche close. The company issued a total of 2,050,000 shares of preferred stock.