secwatch.observer — SEC 8-K summary
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Issuer:     IRIDEX CORP (IRIX)
CIK:        0001006045
Form:       8-K
Filed at:   2024-08-05T23:59:59+00:00
Accession:  0000950170-24-090371
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Iridex secures $3.5M convertible note from Lind; potential $1.5M add-on
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- Net proceeds ~$3.5M from $4.2M principal senior convertible note to Lind; $1.5M additional note available.
- Conversion price $2.44/share (floor $0.39); 24-month term, monthly repayments start after 120 days.
- Company may pay in cash (+4% premium) or shares at 90% of avg of 5 lowest VWAPs over 20 trading days.
- 126,968 incentive shares issued at close; additional shares if initial note not repaid within 180 days.
- Company to file resale registration within 30 days and seek stockholder approval for share issuances.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1006045/000095017024090371/0000950170-24-090371-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1006045/000095017024090371/irix-20240804.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-090371

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