Richtech Robotics (RR) amends convertible note terms; early redemption, conversion floor $1.50

RICHTECH ROBOTICS INC.

Company may redeem outstanding note principal plus 10% premium with 10 trading days' notice; investor has 10 days to convert.
Conversion price set at $6.00 per share, subject to reset on May 28, 2024 to 5-day VWAP, with floor of $1.50.
First $1M pre-advance issued February 15; two additional $1M pre-advances conditioned on registration statement milestones.
Total standby equity commitment remains $50M over 24 months from Purchase Agreement dated Feb 15, 2024.

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

RICHTECH ROBOTICS INC. amended Standby Equity Purchase Agreement with YA II PN, Ltd. valued at Amended terms of each Note: (i) optional redemption with 10% premium on principal; (ii) Conversion P (effective 2024-03-14).

Action: amendment
Agreement: equity purchase
Counterparty: YA II PN, Ltd.
Value: Amended terms of each Note: (i) optional redemption with 10% premium on principal; (ii) Conversion P
Effective: 2024-03-14

Exact text from the filing

On March 14, 2024, the Company and the Investor entered into a letter agreement (the “ Letter Agreement ”) to amend the terms of each Note as follows: (i) the Company may redeem early a portion or all amounts (including principal and accrued and unpaid interest) outstanding under the Note (“ Optional Redemption ”) with at least 10 trading days’ prior written notice by the Company to the Investor. The outstanding principal balance being redeemed by the Company shall be subject to a 10% cash redemption premium. After receipt of the Redemption Notice, the Investor shall have 10 trading days to elect to convert all or any portion of the Note; and (ii) the Conversion Price (as defined in the Note), which is subject to a reset on May 28, 2024, shall in no event be lower than $1.50 per Common Share.

View on SEC.gov

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

RICHTECH ROBOTICS INC. filing history →

Source: SEC EDGAR

accession 0001213900-24-023065

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.