secwatch.observer — SEC 8-K summary
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Issuer:     Innovative Payment Solutions, Inc. (IPSI)
CIK:        0001591913
Form:       8-K
Filed at:   2023-01-05T23:59:59+00:00
Accession:  0001213900-23-001116
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Innovative Payment Solutions extends convertible notes to Dec 2023, cuts conversion price to $0.0115
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1591913/000121390023001116/0001213900-23-001116-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1591913/000121390023001116/ea171235-8k_innovative.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-001116

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