Future FinTech issues $1.1M convertible note to Streeterville Capital at $1.20/share

Future FinTech Group Inc.

Net proceeds of $1.0M after $80K original issue discount and $20K transaction fees.
Note bears 8% interest, matures 12 months from funding; prepayable at 125% of outstanding.
Conversion price fixed at $1.20; redemption conversion price is lower of $1.20 or 82% of 10-day VWAP.
Investor may redeem up to $200K per month after 6 months, in cash or stock at the redemption price.
Company reserved 5M shares for conversion; covenants restrict most variable-rate financings.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Future FinTech Group Inc. entered into Securities Purchase Agreement with Streeterville Capital, LLC valued at $1,100,000 (effective 2023-12-27).

Action: entry
Agreement: equity purchase
Counterparty: Streeterville Capital, LLC
Value: $1,100,000
Effective: 2023-12-27

Exact text from the filing

On December 27, 2023, Future FinTech Group, Inc., a Florida corporation (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Streeterville Capital, LLC, a Utah limited liability company (the “Purchaser”), pursuant to which the Company sold and issued to the Purchaser a Convertible Promissory Note (the “Note”) in the principal amount of $1,100,000.

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273 material agreements filed in the last 30 days. Browse all material agreements →

Future FinTech Group Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-100006

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