---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-002469"
form_type: "8-K"
ticker: null
cik: "0001686400"
company_name: "Salt Blockchain Inc."
filed_at: "2023-02-03T23:59:59+00:00"
generated_at: "2026-06-20T01:10:14.711418+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Salt Blockchain issues Series A Preferred in debt exchange; preferred holders own 89%

## Summary
- Issued 94,511,080 Series A Preferred shares to existing borrowers/lenders for ~$62.5M in digital asset debt.
- Series A holders own ~89% of company on an as-converted basis; common stockholders massively diluted.
- Charter amended: Series A carries 8% dividend, conversion at $0.66134, and right to elect one director.
- Outstanding loans extended by 24 months; lender non-call period extended; interest on remaining lender loans set at 4%.
- 2019 Equity Incentive Plan share pool increased to 10,477,897 shares.

## SEC filing metadata
- accession: 0001437749-23-002469
- form_type: 8-K
- cik: 0001686400
- company_name: Salt Blockchain Inc.
- filed_at: 2023-02-03T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 3.02, 3.03, 5.01, 5.02, 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1686400/000143774923002469/0001437749-23-002469-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1686400/000143774923002469/slbc20230201_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-002469
- JSON: https://secwatch.observer/filing/0001437749-23-002469.json
- Plain text: https://secwatch.observer/filing/0001437749-23-002469.txt

## Key facts
- M&A Transactions
  Salt Blockchain Inc. underwent a change of control involving the Purchasers (closed 2023-01-31).
  - Action: change of control
  - Counterparty: the Purchasers
  - Closing: 2023-01-31
  source text: As a result of the consummation of the transactions contemplated by the Exchange Agreement, the holders of Series A Preferred Stock own approximately 89% of the Company on an as-converted to common stock basis.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1686400/000143774923002469/0001437749-23-002469-index.htm
- Material Agreements
  Salt Blockchain Inc. entered into Series A Preferred Stock and Debt Exchange Agreement with the Purchasers valued at approximately $62,503,957.65 (effective 2023-01-31).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: the Purchasers
  - Value: approximately $62,503,957.65
  - Effective: 2023-01-31
  source text: On January 31, 2023, Salt Blockchain Inc. (the “Company”) entered into a Series A Preferred Stock and Debt Exchange Agreement (the “Exchange Agreement”) and the purchaser parties thereto (the “Purchasers”), pursuant to which the Company agreed to issue and sell, in a private placement, shares of Series A Preferred Stock of the Company (the “Series A Preferred Stock”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1686400/000143774923002469/0001437749-23-002469-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.