OLENOX INDUSTRIES INC. (OLOX): debt financing — Safe & Green Holdings issues $149,500 convertible promissory note to 1800 Diagonal Lending

OLENOX INDUSTRIES INC.

Principal $149,500; purchase price $130,000 (original issue discount $19,500).
One-time 10% interest on issuance; nine monthly payments of $18,272.23 starting April 15, 2024.
Default interest 22%; upon default after six months, lender can convert at greater of $0.08 or 65% of lowest closing bid over prior 10 days.
Conversion capped at 4.99% ownership and 19.99% of outstanding (waived upon Nasdaq delisting).
SPA contemplates up to $1,000,000 additional tranches over 12 months subject to further agreement.

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

OLENOX INDUSTRIES INC. incurred loan of $149,500 with 1800 Diagonal Lending LLC at ten percent (10%) maturing nine monthly payments of accrued, unpaid interest and outstanding principal, subject to adjustment.

Instrument: loan
Principal: $149,500
Counterparty: 1800 Diagonal Lending LLC
Rate: ten percent (10%)
Maturity: nine monthly payments of accrued, unpaid interest and outstanding principal, subject to adjustment
Event: incurrence

Exact text from the filing

On March 5, 2024, Safe & Green Holdings Corp. (the “Company”) issued a Promissory Note (“Note”) in favor of 1800 Diagonal Lending LLC (the “Lender”) in the aggregate principal amount of $149,500 (the “Principal”), and an accompanying Securities Purchase Agreement, dated March 5, 2024 (the “SPA”).

View on SEC.gov

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

OLENOX INDUSTRIES INC. entered into Securities Purchase Agreement with 1800 Diagonal Lending LLC (effective 2024-03-05).

Action: entry
Agreement: equity purchase
Counterparty: 1800 Diagonal Lending LLC
Effective: 2024-03-05

Exact text from the filing

On March 5, 2024, Safe & Green Holdings Corp. (the “Company”) issued a Promissory Note (“Note”) in favor of 1800 Diagonal Lending LLC (the “Lender”) in the aggregate principal amount of $149,500 (the “Principal”), and an accompanying Securities Purchase Agreement, dated March 5, 2024 (the “SPA”).

View on SEC.gov

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

OLENOX INDUSTRIES INC. entered into Promissory Note with 1800 Diagonal Lending LLC valued at $149,500 (effective 2024-03-05).

Action: entry
Agreement: notes offering
Counterparty: 1800 Diagonal Lending LLC
Value: $149,500
Effective: 2024-03-05

Exact text from the filing

On March 5, 2024, Safe & Green Holdings Corp. (the “Company”) issued a Promissory Note (“Note”) in favor of 1800 Diagonal Lending LLC (the “Lender”) in the aggregate principal amount of $149,500 (the “Principal”), and an accompanying Securities Purchase Agreement, dated March 5, 2024 (the “SPA”).

View on SEC.gov

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OLENOX INDUSTRIES INC. filing history →

Source: SEC EDGAR

accession 0001213900-24-022712

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