VerifyMe, Inc. (VRME): debt financing — VerifyMe raises $1.1M via 8% convertible notes led by CEO and board

VerifyMe, Inc.

Convertible notes aggregate principal $1.1M, 8% interest, mature Aug 25, 2026.
Conversion price $1.15 per share, equal to prior day's Nasdaq close.
CEO Adam Stedham, Chairman Scott Greenberg, and directors lead insider participation.
Net proceeds for general corporate purposes; notes are unsecured and subordinated.
Notes sold in private placement exempt from registration; no redemption by company.

item 1.01 item 2.03 item 3.02 item 7.01 item 9.01

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

VerifyMe, Inc. incurred convertible notes of $1.1 million with the investors named therein at 8% per year maturing August 25, 2026.

Instrument: convertible notes
Principal: $1.1 million
Counterparty: the investors named therein
Rate: 8% per year
Maturity: August 25, 2026
Event: incurrence

Exact text from the filing

On August 25, 2023, VerifyMe, Inc. (the “Company”) entered into a Convertible Note Purchase Agreement (the “Purchase Agreement”) with the investors named therein (the “Investors”) for the sale of convertible promissory notes (“Notes”) in the aggregate principal amount of $1.1 million (the “Private Placement”).

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VerifyMe, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-23-011723

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