Mitesco restructures $8.1M debt into equity, creates Series A preferred, adds advisory board

Mitesco, Inc.

Converted $8,122,857 of debt and senior equity into 2,030,714 restricted common shares at $4.00/share.
Plans to exchange ~$12.5M of Series D/F preferred into new Series A Amortizing Convertible Preferred (stated value $25, convertible at $4).
Obtained $33,000 12-month loans at 10% from Cavalry Fund, Mercer Street Capital, and AJB to fund compliance costs.
Appointed Gabriel Crawford (data center) and Jim Clifton (systems software) to Advisory Board; each received 75,000 restricted shares.
New Vero Technology Ventures subsidiary developing AI-based sales automation software ('Robo') for real estate and B2B.

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Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Mitesco, Inc.: Filed Certificate of Designation for Series A Amortizing Convertible Preferred Stock to authorize 3,000,000 shares with a stated value of $25 per share, establishing preferences, conversion, and redemption rights (effective 2024-10-28).

Change: charter amendment
Effective: 2024-10-28

Exact text from the filing

On October 28, 2023, the Company filed a Certificate of Designation, Preferences and Rights of Series A Amortizing Convertible Preferred Stock with the Nevada Secretary of State (the “Certificate of Designation”).

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83 governance changes filed in the last 30 days. Browse all governance changes →

Mitesco, Inc. filing history →

Source: SEC EDGAR

accession 0001185185-24-001041

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