RenX Enterprises Corp. (RENX): debt financing disclosed in 8-K

RenX Enterprises Corp. (RENX): debt financing — Safe and Green closes $555,555 convertible debenture third tranche with Arena Investors

RenX Enterprises Corp.

Issued $555,555 principal 10% convertible debentures for $500,000 (10% OID) on April 4, 2025.

Conversion price: lesser of $1.6215 or 92.5% of lowest 10-day VWAP, floor $0.90; max 461,043 shares if converted at floor.

Issued warrants to purchase 461,043 shares (50% of principal/92.5% of VWAP), 5-year term, exercise price similar to conversion price.

Global amendment lowered exercise price of prior warrants to same formula as new warrants.

Company reimbursed Arena $20,000 legal fees; paid Maxim $30,000 advisory fee.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

RenX Enterprises Corp. incurred convertible notes of aggregate principal amount of $555,555 with Arena Special Opportunities Partners II, LP, Arena Special Opportunities (Offshore) Master, LP, Arena Special Opportunities Partners III, LP, and Arena Special Opportunities Fund, LP at 10% per annum paid-in-kind (PIK Interest) maturing eighteen months from their date of issuance.

Instrument: convertible notes
Principal: aggregate principal amount of $555,555
Counterparty: Arena Special Opportunities Partners II, LP, Arena Special Opportunities (Offshore) Master, LP, Arena Special Opportunities Partners III, LP, and Arena Special Opportunities Fund, LP
Rate: 10% per annum paid-in-kind (PIK Interest)
Maturity: eighteen months from their date of issuance
Event: incurrence

Exact text from the filing

On April 4, 2025, Safe and Green Development Corporation (the “Company”) entered into an amendment (the “First Amendment”) to the Securities Purchase Agreement, dated August 12, 2024, as amended on August 30, 2024 (the “Purchase Agreement”), between the Company and Arena Special Opportunities Partners II, LP, Arena Special Opportunities (Offshore) Master, LP, Arena Special Opportunities Partners III, LP, and Arena Special Opportunities Fund, LP (collectively, the “Arena Investors”) in connection with the closing of the third tranche of its private placement offering (the “Offering”) with Arena Investors pursuant to which the Company issued 10% convertible debentures (the “Third Closing Debentures”) in the aggregate principal amount of Five Hundred Fifty Five Thousand Five Hundred Fifty Dollars ($555,555) to Arena Investors.

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