MultiSensor AI Holdings, Inc. (MSAI): debt financing — SportsMap Tech raises $6.8M in convertible notes for ICI merger

MultiSensor AI Holdings, Inc.

Subscription agreement for $6.805M convertible notes; $4.3M net cash, $1.48M exchanged for existing SportsMap notes, $1M rolled over from ICI note.
Notes bear 9% interest (cash) or 11% (stock), mature 3 years post-closing, convertible at $10.00 per share.
Investors receive 340,250 warrants at $11.50/share and 680,500 inducement shares from founders/ICI stockholders.
David Gow (CEO) and Steven Webster (director) participate; closing contingent on business combination.
ICI announces SmartIR platform now available in AWS Marketplace for AI-powered predictive maintenance.

item 1.01 item 2.03 item 3.02 item 7.01 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

MultiSensor AI Holdings, Inc. incurred convertible notes of $6.805 million with various investors (the "Financing Investors") at 9% per annum maturing third anniversary of the Closing.

Instrument: convertible notes
Principal: $6.805 million
Counterparty: various investors (the "Financing Investors")
Rate: 9% per annum
Maturity: third anniversary of the Closing
Event: incurrence

Exact text from the filing

On December 1, 2023, SportsMap entered into a subscription agreement (the “Subscription Agreement”) with various investors (the “Financing Investors”), pursuant to which it will issue and sell to the Financing Investors an aggregate of $6.805 million in convertible promissory notes (the “Financing Notes”) in connection with the Closing (such transaction, the “Financing”).

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

MultiSensor AI Holdings, Inc. entered into Subscription Agreement with various investors (the "Financing Investors") valued at $6.805 million in convertible promissory notes (effective 2023-12-01).

Action: entry
Agreement: equity purchase
Counterparty: various investors (the "Financing Investors")
Value: $6.805 million in convertible promissory notes
Effective: 2023-12-01

Exact text from the filing

On December 1, 2023, SportsMap entered into a subscription agreement (the “Subscription Agreement”) with various investors (the “Financing Investors”), pursuant to which it will issue and sell to the Financing Investors an aggregate of $6.805 million in convertible promissory notes (the “Financing Notes”) in connection with the Closing (such transaction, the “Financing”).

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MultiSensor AI Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-122903

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