secwatch.observer — SEC 8-K summary
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Issuer:     UNIVERSAL SAFETY PRODUCTS, INC. (UUU)
CIK:        0000102109
Form:       8-K
Filed at:   2026-06-12T20:31:16+00:00
Accession:  0001104659-26-073513
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Universal Safety Products enters $10.6M convertible note financing with SJC Lending
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- Up to $10.6M principal convertible notes sold to SJC Lending for $10M cash; initial $1.06M note issued for $1M.
- Conversion price: greater of $1.00 floor or 80% of 5-day lowest VWAP, capped at $10; 8% interest (20% on default).
- Stockholder approval required for issuances exceeding 19.99% of outstanding shares; 90-day no-issuance restriction imposed.
- Maturity one year; SJC gets 1-year right of first refusal on future equity offerings.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/102109/000110465926073513/0001104659-26-073513-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/102109/000110465926073513/tm2617757d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-073513

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer