secwatch.observer — SEC 8-K summary
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Issuer:     Salt Blockchain Inc. (—)
CIK:        0001686400
Form:       8-K
Filed at:   2023-02-03T23:59:59+00:00
Accession:  0001437749-23-002469
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 3.02, 3.03, 5.01, 5.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1686400/000143774923002469/0001437749-23-002469-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1686400/000143774923002469/slbc20230201_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-002469

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