Service Team, Inc. (OTC Pink: SVTE) is engaged within the manufacturing of commercial truck bodies. Shares of the transportation manufacturer are climbing 50%, through early trading on Thursday, November 30, 2017. Over the past month, Service Team, Inc. has seen average daily volume of 189.67 million shares. However, volume of 231.3 million shares or dollar volume of $46,260, has already exchanged hands on the day.
Shares of Service Team, Inc. are climbing today, after the company recently filed an 8-K form detailing of execution of convertible promissory note financing. The note has a principal amount of $115,000, a maturity date of November 10, 2018, and conversion price of $0.0001. Here is part of the 8-K filing detailing of the convertible note financing:
Service Team, Inc. 8-K Filing:
Item 1.01 Entry into a Material Definitive Agreement
On November 10, 2017, Service Team Inc (the “Registrant”) executed a 12% Convertible Promissory Note payable to an institutional investor (the “Investor”) in the principal amount of $115,000 (the “Note”). The Note, which is due on November 10, 2018 (the “Maturity Date”), was funded by the Investor in the sum of $20,000 and $3,000 was retained by the Investor through an original issue discount or “OID” for due diligence and legal expense related to this transaction. The Note is convertible into shares of the Registrant’s common stock, par value $0.001 (the “Shares”), at a conversion price of 50% of the lowest trading price of the Company’s common stock during the 25 consecutive trading days prior to the date on which Holder elects to convert all or part of the Note.
Here is the link to the full 8-K filing: https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12404322