secwatch.observer — SEC 8-K summary
======================================

Issuer:     IRIDEX CORP (IRIX)
CIK:        0001006045
Form:       8-K
Filed at:   2025-03-20T23:59:59+00:00
Accession:  0000950170-25-042190
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 5.03, 1.02, 2.03, 3.02, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

IRIDEX raises $10M via preferred stock and convertible note; repays Lind debt; new CFO and directors
--------------------------------------------------------------------------------

- Issued 600K Series B Preferred at $10/sh (convertible into 3M common) and $4M 12% convertible note to Novel Inspiration.
- Repaid Lind Global $3.33M, terminating Lind convertible note; remaining proceeds for general corporate purposes.
- Board appointed William Moore and Nick Chen as directors (Novel nominees) effective upon closing.
- Romeo Dizon appointed CFO (replacing Fuad Ahmad); $300K base salary and change-in-control severance.
- Novel receives registration rights, two board seats, and veto power over specified corporate actions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1006045/000095017025042190/0000950170-25-042190-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1006045/000095017025042190/irix-20250316.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-042190

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer