American Bitcoin Corp. (ABTC): debt financing — Akerna ups convertible note to $1.5M, secures waiver from existing noteholders

American Bitcoin Corp.

Amended note increases principal from $1M to $1.5M; interest 10% per annum.
Principal converts at 5-day VWAP immediately before SPA close; interest forfeited on closing.
Conversion capped at 19.99% of outstanding shares absent stockholder approval.
Existing 2021 note holders waived prohibitions on additional debt and liens to permit the amendment.
MJA's note remains subordinate to $15M+ in senior convertible notes held by High Trail and Alto.

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

American Bitcoin Corp. amended convertible notes of $1,500,000 with MJ Acquisition Corp..

Instrument: convertible notes
Principal: $1,500,000
Counterparty: MJ Acquisition Corp.
Event: amendment

Exact text from the filing

Note dated April 28, 2023 by and between Akerna and MJA (the ‘Original Note”), whereby Akerna promises to pay to the order of MJA or its registered assigns the amount of $1,500,000. The Amended and Restated Note amended the Original Note to: (A) increase the principal amount of the Original Note from $1,000,000 to $1,500,000; (B) provide for the

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

American Bitcoin Corp. amended Amended and Restated Convertible Secured Promissory Note with MJ Acquisition Corp. (MJA) valued at $1,500,000 (effective 2023-10-11).

Action: amendment
Counterparty: MJ Acquisition Corp. (MJA)
Value: $1,500,000
Effective: 2023-10-11

Exact text from the filing

on October 11, 2023, Akerna issued an amended and restated convertible secured promissory note (“Amended and Restated Note”) to MJA which amends and restates the Secured Promissory Note dated April 28, 2023 by and between Akerna and MJA (the ‘Original Note”), whereby Akerna promises to pay to the order of MJA or its registered assigns the amount of $1,500,000.

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101 debt financings filed in the last 30 days. Browse all debt financings →

American Bitcoin Corp. filing history →

Source: SEC EDGAR

accession 0001013762-23-003492

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