GROWLIFE, INC.: debt financing — Growlife issues $150K convertible note to ONE44 Capital at 60% discount conversion

GROWLIFE, INC.

Principal $150,000; net proceeds $128,250 after $15K OID and $6,750 legal fees.
Interest 10% p.a.; maturity March 28, 2024; conversion at 60% of lowest closing bid for prior 10 days.
Prepayment premiums escalate from 110% to 145% of face amount depending on prepayment window.
Default interest rate 24%; conversion restricted to 4.99% beneficial ownership cap.
Proceeds used for general working capital.

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

GROWLIFE, INC. incurred convertible notes of $150,000 with ONE44 Capital LLC at 10% per annum maturing March 28, 2024.

Instrument: convertible notes
Principal: $150,000
Counterparty: ONE44 Capital LLC
Rate: 10% per annum
Maturity: March 28, 2024
Event: incurrence

Exact text from the filing

with ONE44 Capital LLC, (“ONE44”), pursuant to which ONE44 purchased a convertible promissory note (the “Note”) from the Company in the aggregate principal amount of $150,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option of ONE44. The transaction contemplated by the Purchase Agreement

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

GROWLIFE, INC. entered into Securities Purchase Agreement and Convertible Promissory Note with ONE44 Capital LLC valued at $150,000 aggregate principal amount (effective 2023-03-29).

Action: entry
Agreement: equity purchase
Counterparty: ONE44 Capital LLC
Value: $150,000 aggregate principal amount
Effective: 2023-03-29

Exact text from the filing

On March 29, 2023, (the “Issue Date”), Growlife, Inc. a Delaware corporation (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with ONE44 Capital LLC, (“ONE44”), pursuant to which ONE44 purchased a convertible promissory note (the “Note”) from the Company in the aggregate principal amount of $150,000

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Source: SEC EDGAR

accession 0001161697-23-000223

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