ENAB is at the brink again. As of November 4, 2008, the company had 18,676,190 shares outstanding.
From the September 30, 2008 10-Q:
Note 8. Subsequent Events
On October 9, 2008, the Company received a $400,000 bridge loan provided by an individual accredited investor. The bridge loan, due on January 9, 2009, is in the form of an Unsecured Debenture and bears interest at the rate of 18% per annum. In consideration, the investor received warrants to purchase an aggregate of 3,200,000 shares of the Company’s common stock at an exercise price of $0.25 per share. The warrants are immediately exercisable for a period of 5 years from the agreement date. The investor may elect to convert the accrued and unpaid interest into the common stock of the Company. This $400,000 bridge loan was subsequently rolled into a $2 million bridge loan received on October 14, 2008, as described below.
On October 14, 2008, the Company received a $2.0 million bridge loan from a limited number of accredited investors, as described below:
· $1.4 million bridge loan provided by an investor in the form of a Senior Secured Debenture. The debenture bears interest at the rate of 18% per annum and is due on January 14, 2009. In consideration, the investor received warrants to purchase 7,000,000 shares of the Company’s common stock at an exercise price of $0.20 per share and warrants to purchase 14,000,000 shares of the Company’s common stock at an exercise price of $0.10 per share, for an aggregate of 21,000,000 shares of the Company’s common stock. The warrants are exercisable immediately for a period of 5 years from the agreement date. The investor may elect to convert the accrued and unpaid interest into the common stock of the Company. As mentioned above, the $400,000 bridge loan, dated October 9, 2008, was converted into the $1.4 million bridge loan, dated October 14, 2008. As part of the conversion, the investor did not have to surrender the initial 3,200,000 warrants issued by the Company as part of the October 9, 2008 agreement.
· $600,000 bridge loan provided by an investor in the form of a Senior Secured Debenture. The debenture bears interest at the rate of 18% per annum and is due on January 14, 2009. In consideration, the investor received warrants to purchase 3,000,000 shares of the Company’s common stock at an exercise price of $0.20 per share and warrants to purchase 6,000,000 shares of the Company’s common stock at an exercise price of $0.10 per share for an aggregate of 9,000,000 shares of the Company’s common stock. The warrants are exercisable immediately for a period of 5 years from the agreement date. Prior to this loan, the investor owned greater than 10% of Company’s issued common stock.
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From a November 26, 2008 8-K:
Item 1.01 Entry Into a Material Definitive Agreement.
On November 26, 2008, Enable Holdings, Inc. (the “Company”) received total commitments for a $350,000 loan in the form of 18% Senior Secured Debentures (the “Loan”) provided by certain accredited investors (the “Investors”).
Pursuant to the Loan, the Investors received (i) Series A common stock purchase warrants (the “Series A Warrants”) to purchase an aggregate of 1,750,000 shares of the Company’s common stock at an exercise price of $0.20 per share and (ii) Series B common stock purchase warrants (the “Series B Warrants,” and collectively with the Series A Warrants, the “Warrants”) to purchase an aggregate of 3,500,000 shares of the Company’s common stock at an exercise price of $0.10 per share. The Warrants are exercisable at any time prior to November 26, 2013.
The Loan bears interest at the rate of 18% per annum and is due on February 26, 2009. The Investors may elect to have the interest payment made in the Company’s Common Stock in lieu of cash. The Company intends to use the Loan for working capital.
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From a December 3, 2008 8-K:
Item 8.01 Other Events.
Engagement of Financial Advisor
Enable Holdings, Inc. (the “Company”) announced today that it has engaged Gilford Securities, Inc. (“Gilford Securities”) to act as a financial advisor to the Company. Gilford Securities will assist the Company in its evaluation of various financial and strategic alternatives. These alternatives may include an issuance of securities, a recapitalization or restructuring of the Company’s obligations, a strategic alliance, or the sale of the Company or some or all of its assets.
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From a January 20, 2009 8-K:
Item 1.01 Entry Into a Material Definitive Agreement.
Effective January 16, 2009, Enable Holdings, Inc. (the “Company”) received extensions from certain accredited investors (the “Investors”) who previously made total commitments for an aggregate of $2,450,000 90-day loans in the form of 18% Senior Secured on October 14, 2008, October 31, 2008 and November 21, 2008 (collectively, the “Loans”). The Investors made such extensions pursuant to Debenture Modification and Extension Agreements which call for an extension of the Loans for 90-days after their original 90-day terms.
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