---
schema_version: "secwatch.filing_event.v1"
accession: "0001013762-23-003492"
form_type: "8-K"
ticker: "ABTC"
cik: "0001755953"
company_name: "American Bitcoin Corp."
filed_at: "2023-10-12T23:59:59+00:00"
generated_at: "2026-06-10T00:51:39.567945+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Akerna ups convertible note to $1.5M, secures waiver from existing noteholders

## Summary
- 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.

## SEC filing metadata
- accession: 0001013762-23-003492
- form_type: 8-K
- ticker: ABTC
- cik: 0001755953
- company_name: American Bitcoin Corp.
- filed_at: 2023-10-12T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1755953/000101376223003492/0001013762-23-003492-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1755953/000101376223003492/ea186666-8k425_akerna.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001013762-23-003492
- JSON: https://secwatch.observer/filing/0001013762-23-003492.json
- Plain text: https://secwatch.observer/filing/0001013762-23-003492.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1755953/000101376223003492/0001013762-23-003492-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1755953/000101376223003492/0001013762-23-003492-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.