RenX Enterprises Corp. (RENX): debt financing — Safe and Green Development issues $350K convertible debenture to Peak One as first tranche of $1.2M private placement

RenX Enterprises Corp.

Issued 8% convertible debenture with $350,000 principal to Peak One Opportunity Fund; purchase price $315,000 (10% OID).
Debenture convertible at $0.70/share with floor $0.165; warrant for 262,500 shares at $0.76 exercise price.
Warrant expires in 5 years; debenture matures in 12 months, company can redeem at 110%.
Further tranches totaling $850k possible upon mutual agreement after June 28, 2024.
Placement agent Maxim Group received $18,900 fee for first tranche; registration rights agreement filed within 30 days.

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

RenX Enterprises Corp. incurred convertible notes of $350,000.00 with Peak One Opportunity Fund, L.P. at 8% per annum maturing twelve months from its date of issuance.

Instrument: convertible notes
Principal: $350,000.00
Counterparty: Peak One Opportunity Fund, L.P.
Rate: 8% per annum
Maturity: twelve months from its date of issuance
Event: incurrence

Exact text from the filing

the Company issued an 8% convertible debenture in principal amount of Three Hundred Fifty Thousand Dollars ($350,000.00) (the “Debenture”) to Peak One

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

RenX Enterprises Corp. entered into Securities Purchase Agreement with Peak One Opportunity Fund, L.P. valued at $1,200,000 (effective 2024-04-29).

Action: entry
Agreement: equity purchase
Counterparty: Peak One Opportunity Fund, L.P.
Value: $1,200,000
Effective: 2024-04-29

Exact text from the filing

On April 29, 2024, Safe and Green Development Corporation (the “Company”) entered into a Securities Purchase Agreement, dated April 29, 2024 (the “Purchase Agreement”) with Peak One Opportunity Fund, L.P. (“Peak One”), pursuant to which the Company agreed to issue, in a private placement offering (the “Offering”) upon the satisfaction of certain conditions specified in the Purchase Agreement, three Debentures to Peak One in the aggregate principal amount of $1,200,000.

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RenX Enterprises Corp. filing history →

Source: SEC EDGAR

accession 0001213900-24-039635

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