debt
confidence high
sentiment neutral
materiality 0.75
Sow Good exchanges $2.7M in promissory notes for $2.8M senior convertible notes due 2030
Sow Good Inc.
- Exchanged $2.7M aggregate principal of outstanding promissory notes for $2.8M in new senior convertible notes including accrued interest.
- New notes mature April 30, 2030; interest payable semiannually (PIK option allows interest to be added to principal).
- Notes convertible into common stock at $0.62-$0.63 per share; senior secured by all company assets.
- Maturity of old notes ranged from Apr to Aug 2025; exchange approved by disinterested board and audit committee.
- Company may redeem notes at any time with 10 days' notice; conversion subject to Nasdaq Exchange Cap.