Franklin Credit Management Corporation announced that it expects to receive $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.