MOBILESMITH, INC. (OTCMKTS:MOST) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02 UNERGISTERED SALES OF EQUITY SECURITIES
On October 24, 2017, MobileSmith Inc. (the “Company”) issued a total of 4,895,105 shares of its common stock par value $0.001 per share (the “Common Stock”) to Union Bancaire Privee, UBP SA (“UBP”) upon UBP’s conversion of $7 million in principal amount of the Company’s promissory note (the “2007 Note”) issued under the Convertible Secured Subordinated Note Purchase Agreement entered into on November 14, 2007 between the Company and UBP, as amended (the “2007 Note Purchase Agreement”). Under the terms of the 2007 Note Purchase Agreement, the 2007 Note is convertible at a fixed rate of $1.43 per share. UBP continues to hold convertible promissory notes issued by the Company under the 2007 Note Purchase Agreement and the Convertible Subordinated Note Purchase Agreement entered into in 2014 in the aggregate principal amount of $22,992,180, all of which are convertible at any time at UBP’s options and at the fixed rate of $1.43.
Following the issuance of the shares of the Company’s Common Stock, the Company’s outstanding shares of Common Stock is 24,722,647 shares.
About MOBILESMITH, INC. (OTCMKTS:MOST)
MobileSmith, Inc. develops and markets a software-as-a-service (SaaS) platform that allows non-programmers to design and build native mobile applications for smartphones and tablets. The Company’s product is the MobileSmith Platform (the Platform). The Company’s Platform is an application development platform that enables organizations to create, deploy and manage custom, native smartphone and tablet applications deliverable across iPhone operating system (iOS) and Android mobile platforms. The Company’s principal products and services include subscription to its SaaS cloud-based mobile application development platform to customers who design and build their own applications; internal and secure mobile development platform for the United States Department of Defense and related contractors; custom mobile application design and development services; mobile application marketing services, and mobile strategy implementation consulting.
