Innovative Payment Solutions, Inc. (IPSI): debt financing — Innovative Payment Solutions extends convertible notes to Dec 2023, cuts conversion price to $0.0115

Innovative Payment Solutions, Inc.

Maturity of 12.5% convertible notes to Cavalry and Mercer extended to Dec 30, 2023; conversion price slashed from $0.15 to $0.0115 per share.
Each note's underlying shares increase to 98,468,838 (based on $1,132,392 principal and accrued interest each).
Original warrants for 2,486,957 shares each exchanged for 12-month non-convertible promissory notes of $482,000 at 10% interest.
August 2022 extension warrants (3M shares each) now cover 39,130,435 shares at $0.0115 exercise price due to ratchet provisions.
Company must file registration statement for underlying shares by Jan 14, 2023, effective by Jan 29 or Mar 30, 2023.

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

Innovative Payment Solutions, Inc. incurred loan of $482,000 each with Cavalry Fund I LP and Mercer Street Global Opportunity Fund, LLC at ten percent (10%) maturing December 30, 2023.

Instrument: loan
Principal: $482,000 each
Counterparty: Cavalry Fund I LP and Mercer Street Global Opportunity Fund, LLC
Rate: ten percent (10%)
Maturity: December 30, 2023
Event: incurrence

Exact text from the filing

the Original Warrants issued on February 16, 2021 were irrevocably exchanged for 12-month non-convertible promissory notes issued to each of Cavalry and Mercer in the amount of $482,000 each (the “Exchange Notes”). This exchange caused the cancellation of the Original Warrants for all purposes. The Exchange Notes have a maturity date of December 30, 2023 and carry an interest rate of ten percent (10%).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Innovative Payment Solutions, Inc. amended convertible notes of aggregate of $2,264,784, or $1,132,392 for each with Cavalry Fund I LP and Mercer Street Global Opportunity Fund, LLC maturing December 30, 2023.

Instrument: convertible notes
Principal: aggregate of $2,264,784, or $1,132,392 for each
Counterparty: Cavalry Fund I LP and Mercer Street Global Opportunity Fund, LLC
Maturity: December 30, 2023
Event: amendment

Exact text from the filing

or fully reviewed by the SEC). The parties also acknowledged that the principal and accrued interest under the Notes as of December 28, 2022 is equal to an aggregate of $2,264,784, or $1,132,392 for each of Cavalry and Mercer. In addition, as a result of the reduction in the conversion price of the Note, certain other warrants held by third parties will have

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Innovative Payment Solutions, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-001116

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