Akerna amends sale terms, gets $150K additional loan; note principal raised to $1.65M

American Bitcoin Corp.

Cash at closing reduced from $2M to $1.85M; MJA loans additional $150K for working capital.
Convertible note principal increased from $1.5M to $1.65M; converts at 5-day VWAP pre-closing.
If Ample shares sold to third party, Akerna must pass on up to $700K proceeds (less $20K legal).
Holders of 2021 senior secured notes waived default provisions to permit the additional debt.

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

American Bitcoin Corp. amended Second Amendment to Securities Purchase Agreement with MJ Acquisition Corp. valued at reduced cash at closing from $2 million to $1.85 million; additional loan of $150,000; amended conve (effective 2023-11-15).

Action: amendment
Agreement: credit facility
Counterparty: MJ Acquisition Corp.
Value: reduced cash at closing from $2 million to $1.85 million; additional loan of $150,000; amended conve
Effective: 2023-11-15

Exact text from the filing

On November 15, 2023, Akerna, Akerna Exchange and MJA entered into a second amendment to the SPA (the "Second Amendment"), which amends certain of the terms of the SPA as amended by the First Amendment.

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American Bitcoin Corp. filing history →

Source: SEC EDGAR

accession 0001213900-23-088354

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