other material
confidence high
sentiment neutral
materiality 0.50
1847 Holdings settles dispute by issuing 83,603 Series C convertible preferred shares for $831K debt forgiveness
1847 Holdings LLC
- Issued 83,603 Series C senior convertible preferred shares (stated value $10/share) to Wilhelmsen Family Trust in settlement of $831,027 promissory note.
- Shares carry 6% cumulative annual dividend, convertible at $10/share, no voting rights except on class amendments; conversion capped at 4.99% beneficial ownership.
- Settlement resolves alter ego liability claims related to subsidiary Asien's default on 6% note; trust releases claims and covenants not to sue.
- Shares unregistered, issued under exemption from Section 5 of Securities Act.