C-Bond Systems, Inc: debt financing — C-Bond Systems enters $127,963 promissory note with 12% interest; convertible upon default

C-Bond Systems, Inc

Note principal $127,963 (net $100,000 after $10,543 OID) from 1800 Diagonal Lending LLC.
Interest rate 12% p.a.; default rate 22%; monthly payments begin Aug 15, 2024.
Upon default, obligation increases to 220% of outstanding plus accrued interest.
Note convertible only after default at greater of $0.0025 or 65% of 10-day low bid price.
Proceeds used for general working capital; company has ~538.6M shares outstanding.

item 1.01 item 2.03 item 9.01

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

C-Bond Systems, Inc incurred loan of $127,963.00 with 1800 Diagonal Lending LLC at 12%.

Instrument: loan
Principal: $127,963.00
Counterparty: 1800 Diagonal Lending LLC
Rate: 12%
Event: incurrence

Exact text from the filing

On April 8, 2024, C-Bond Systems, Inc. (the “Company”) executed a Promissory Note (“Note”) in favor of 1800 Diagonal Lending LLC (the “Investor”) in the aggregate principal amount of $127,963.00

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

C-Bond Systems, Inc entered into Promissory Note with 1800 Diagonal Lending LLC valued at $127,963.00 (effective 2024-04-08).

Action: entry
Agreement: credit facility
Counterparty: 1800 Diagonal Lending LLC
Value: $127,963.00
Effective: 2024-04-08

Exact text from the filing

On April 8, 2024, C-Bond Systems, Inc. (the “Company”) executed a Promissory Note (“Note”) in favor of 1800 Diagonal Lending LLC (the “Investor”) in the aggregate principal amount of $127,963.00 (the “Principal”), and an accompanying Securities Purchase Agreement (“SPA”).

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299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001213900-24-032581

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