secwatch.observer — SEC 8-K summary
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Issuer:     Mobile Global Esports, Inc. (MGAM)
CIK:        0001886362
Form:       8-K
Filed at:   2025-09-22T23:59:59+00:00
Accession:  0001213900-25-089740
Event type: debt
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

Mobile Global Esports issues $150K convertible note with 35% discount conversion
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- Aggregate principal $150,000; $15,000 original issue discount; net proceeds $135,000.
- Note bears 6% interest, matures September 15, 2026.
- Convertible after 6 months at 65% of lowest trading price in prior 15 trading days.
- Prepayment penalties escalate from 110% to 140% over 180 days from issuance.
- Funds used for general working capital; high dilution potential for existing shareholders.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1886362/000121390025089740/0001213900-25-089740-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1886362/000121390025089740/ea0258161-8k_mobile.htm
  HTML page:      https://secwatch.observer/filing/0001213900-25-089740

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer