---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-011416"
form_type: "8-K"
ticker: "SDEV"
cik: "0001389545"
company_name: "Stablecoin Development Corp"
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T08:41:20.148217+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# NovaBay raises $3M via convertible debt; anti-dilution triggers 7.9M additional shares

## Summary
- $3.3M aggregate principal convertible debentures with 10% OID, net $3.0M; conversion price $1.30 per share.
- Existing warrants covering 1.65M shares amended: exercise price lowered from $6.30 to $1.50.
- Series B and C preferred conversion price adjusted from $6.30 to $1.30, adding up to 7.86M shares issuable.
- Stockholder approval needed within 60 days of closing; voting commitments from insiders obtained.
- Proceeds for working capital; company restricted from issuing new equity for 90 days post-approval.

## SEC filing metadata
- accession: 0001437749-23-011416
- form_type: 8-K
- ticker: SDEV
- cik: 0001389545
- company_name: Stablecoin Development Corp
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1389545/000143774923011416/0001437749-23-011416-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1389545/000143774923011416/nby20230427_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-011416
- JSON: https://secwatch.observer/filing/0001437749-23-011416.json
- Plain text: https://secwatch.observer/filing/0001437749-23-011416.txt

## Key facts
- Debt Financings
  Stablecoin Development Corp incurred convertible notes of $3.3 million aggregate principal amount with existing accredited institutional investors maturing eighteen (18) months from the date of issuance.
  - Instrument: convertible notes
  - Principal: $3.3 million aggregate principal amount
  - Counterparty: existing accredited institutional investors
  - Maturity: eighteen (18) months from the date of issuance
  - Event: incurrence
  source text: of (i) $3.3 million aggregate principal amount of original issue discount senior secured convertible debentures due eighteen (18) months from the date of issuance
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389545/000143774923011416/0001437749-23-011416-index.htm
- Material Agreements
  Stablecoin Development Corp entered into Securities Purchase Agreement with existing accredited institutional investors valued at $3.3 million aggregate principal amount (effective 2023-04-27).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: existing accredited institutional investors
  - Value: $3.3 million aggregate principal amount
  - Effective: 2023-04-27
  source text: On April 27, 2023, NovaBay Pharmaceuticals, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with existing accredited institutional investors (the “Purchasers”) of the Company that provides for the issuance and sale in a private placement (the “Private Placement”) of (i) $3.3 million aggregate principal amount of original issue discount senior secured convertible debentures due eighteen (18) months from the date of issuance (the “Debentures”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389545/000143774923011416/0001437749-23-011416-index.htm

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