Guerrilla RF issues $260K convertible notes at 8% interest; board members invest $130K

Guerrilla RF, Inc.

Aggregate principal of $260,000 in unsecured convertible notes issued to accredited investors; 8% simple interest.
Directors Ryan Pratt and William J. Pratt invested $80K and $50K respectively; disinterested board approved.
Notes automatically convert into next equity financing if gross proceeds ≥ $2M; conversion at lowest per-share price in that round.
In a corporate transaction, holders can elect cash repayment with 20% premium or conversion at $6.00/share.
Maturity December 31, 2024; notes are exempt from registration under Section 4(a)(2).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Guerrilla RF, Inc. entered into Note Purchase Agreement with certain accredited investors valued at Aggregate principal amount of $260,000.00 of unsecured convertible promissory notes (effective 2023-07-12).

Action: entry
Agreement: notes offering
Counterparty: certain accredited investors
Value: Aggregate principal amount of $260,000.00 of unsecured convertible promissory notes
Effective: 2023-07-12

Exact text from the filing

On July 12, 2023, the Company entered into a Note Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (collectively, the “Purchasers”) pursuant to which the Company issued unsecured convertible promissory notes (the “Convertible Notes”) in the aggregate principal amount of $260,000.00 (the “Private Placement”).

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Guerrilla RF, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-020077

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