Moving iMAGE Technologies invests $100,000 unsecured convertible note in SNDBX

MOVING iMAGE TECHNOLOGIES INC.

Principal $100,000, 5% simple interest, matures June 5, 2024.
Note convertible into 20 Founders Shares of SNDBX at $5,000/share at holder's election after maturity.
SNDBX may repurchase 10 of 20 Founders Shares for $500,000 ($100,000 down, $100,000/yr for 4 years).
Events of default include non-payment, bankruptcy, or involuntary proceedings lasting 90+ days.
Note and underlying shares are unregistered restricted securities under the Securities Act.

Key facts

Extracted from this filing and checked against the source text.

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

MOVING iMAGE TECHNOLOGIES INC. entered into Convertible Note Purchase Agreement with SNDBX, INC. valued at $100,000 (effective 2023-06-06).

Action: entry
Agreement: equity purchase
Counterparty: SNDBX, INC.
Value: $100,000
Effective: 2023-06-06

Exact text from the filing

On June 6, 2023, Moving iMage Technologies, Inc. (the “Company” or “MiT”) entered into a Convertible Note Purchase Agreement (the “Purchase Agreement”), with SNDBX, INC. ("SNDBX") pursuant to which SNDBX issued and sold an unsecured convertible promissory note (the “Note”) to the Company for the principal amount of $100,000.

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Source: SEC EDGAR

accession 0001104659-23-070277

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