WeTrade Group enters $35M convertible note and warrant financing

Next Technology Holding Inc.

Up to $35M aggregate principal of 10% senior secured convertible notes due 18 months.
Warrants to purchase up to 100% of underlying shares at $4.76 exercise price (5-year term).
Notes convertible at $4.76 per share, with full ratchet anti-dilution and 4.99% beneficial ownership limitation.
Closing expected on/about Sept 29, 2023, subject to shareholder approval; proceeds for general corporate purposes.
Unregistered sale under Section 4(a)(2) and Rule 506 of Regulation D to accredited investors.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Next Technology Holding Inc. entered into Securities Purchase Agreement with certain investors (the "Purchasers") valued at $35,000,000 (effective 2023-08-23).

Action: entry
Agreement: equity purchase
Counterparty: certain investors (the "Purchasers")
Value: $35,000,000
Effective: 2023-08-23

Exact text from the filing

On August 23, 2023, Wetrade Group Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Securities Purchase Agreement) with certain investors (the “Purchasers”), pursuant to which the Company will receive a net proceed of up to $35,000,000 in consideration of the issuance of: ● senior convertible notes in the aggregate original principal amount of $35,000,000 (the “Convertible Notes”); ● warrants to purchase up to 100% of the number of the Company’s shares of common stock (the “Common Stock”) underlying the aggregate face value of the Convertible Notes at the initial conversion price until on or prior to 11:59 p.m. (New York time) on the five-year anniversary of the closing date at an exercise price of $4.76 (the “PIPE Warrants”).

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Next Technology Holding Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-070639

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