Usell.com, Inc. announced that it expects to receive $5.15 million in funding from Piton Capital Partners LLC
November 12, 2018
Share
usell.com, Inc. (OTCPK:USEL) announced that it has entered into a term sheet for private placement of convertible promissory notes for minimum gross proceeds of up to $3,500,000 and maximum gross proceeds of up to $5,500,000 on November 13, 2018. The notes carry a fixed interest of 5%, to be paid quarterly. The company will issue notes at par. The notes are unsecured and redeemable in nature. The minimum amount accepted from any investor is $200,000. The securities issued are subject to transfer restrictions. The company expects to close the first tranche of the transaction on or after November 15, 2018. The company may close the transaction in subsequent tranches if any, up to the maximum amount at any time prior to January 31, 2019.
PhoneX Holdings, Inc. is engaged in building the cloud-based software-as-a service solution for the wholesale exchange of pre-owned mobile devices. The Company works with mobile carriers and mobile handset distributors to facilitate global commerce related to pre-owned mobile devices. The Company operates through two models: Proprietary Trading Model and Platform Partnership Model. Its Proprietary Trading Model, through which it purchases devices utilizing its own balance sheet via its subsidiary We Sell Cellular LLC. Its Platform Partnership Model, through which it enables its partners to license its software via its subsidiary PhoneX, Inc. Through these licensing agreements, the Company enables mobile carriers and mobile handset distributors to increase selling prices and selling velocity by using a specialized, automated platform where wholesale buyers of mobile devices can purchase inventory on demand.