Oblong sets floor price of $0.2792 for preferred conversion and warrant exercise; issues 1.1M shares

TaoWeave, Inc.

Floor price for Series F preferred conversion and common warrant exercise set at $0.2792, with adjustments for stock splits.
Shares outstanding rose from 4,913,260 to 6,014,281 between Oct 4-6, 2023, after converting 267 preferred shares into 1,101,021 common shares.
Majority holders (Iroquois Master Fund, Iroquois Capital, Hewlett Fund) executed the waiver effective October 6, 2023.
Waiver supersedes prior conversion/exercise price adjustment mechanisms; company may seek charter amendment if needed.

item 1.01 item 3.03 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TaoWeave, Inc. amended Waiver to Securities Purchase Agreement and related instruments with Investors holding a majority of the outstanding shares of the Preferred Stock valued at Waiver waiving conversion/exercise price provisions below $0.2792 (effective 2023-10-06).

Action: amendment
Agreement: underwriting
Counterparty: Investors holding a majority of the outstanding shares of the Preferred Stock
Value: Waiver waiving conversion/exercise price provisions below $0.2792
Effective: 2023-10-06

Exact text from the filing

On October 6, 2023, the Company and Investors holding a majority of the outstanding shares of the Preferred Stock agreed to waive any and all provisions, terms, covenants and obligations in the Certificate of Designations or Common Warrants to the extent such provisions permit the conversion or exercise of the Preferred Stock and the Common Warrants, respectively, to occur at a price below $0.2792 (the “Waiver”).

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TaoWeave, Inc. filing history →

Source: SEC EDGAR

accession 0000746210-23-000081

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