Nature's Miracle Holding Inc. (NMHI): debt financing — Nature's Miracle acquires Ohio property from CEO for $17.5M via preferred stock and convertible note
Nature's Miracle Holding Inc.
- Buys Zak Properties LLC (owns 405 Madison Ave, Ohio) from CEO Tie Li's Big Lake Capital LLC for $17.5M.
- Consideration: 5,000 Series B Preferred ($5M convertible at $0.1180/sh, 20 votes each) and 9,500 Series C Preferred ($9.5M convertible at $0.1180/sh).
- Plus $3M convertible promissory note (10% interest, 2-yr term) conversion priced at 80% of lowest 20-day trading price (60% if DTC chill).
- Related-party transaction as CEO Li was sole member of Zak Properties; Series B shares increased to 5,000 via amendment.