Odyssey Semiconductor Technologies, Inc.: debt financing — Odyssey Semiconductor issues $30K secured convertible note to Chairman's trust at 10% interest

Odyssey Semiconductor Technologies, Inc.

$30,000 secured convertible promissory note issued to trust of Chairman John Edmunds; interest 10% non-compounding.
Due June 30, 2025, or upon conversion; interest payable in common stock at conversion price.
Conversion price: 80% of public offering price in Financing Event (≥$5M offering or exchange listing), or 20-day VWAP if voluntary.
Note is secured by all company assets; ranks junior only to four prior notes to same holder totaling $3.96M.
If Corporate Transaction before conversion, note redeemed at 200% of principal plus accrued interest.

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

Odyssey Semiconductor Technologies, Inc. incurred convertible notes of $30,000 with Nina and John Edmunds 1998 Family Trust at ten percent (10%) per annum maturing earlier of (i) the date upon which the Promissory Note is converted into equity securities of the Company, or (ii) June 30, 2025.

Instrument: convertible notes
Principal: $30,000
Counterparty: Nina and John Edmunds 1998 Family Trust
Rate: ten percent (10%) per annum
Maturity: earlier of (i) the date upon which the Promissory Note is converted into equity securities of the Company, or (ii) June 30, 2025
Event: incurrence

Exact text from the filing

On December 26, 2023, Odyssey Semiconductor Technologies, Inc. (the “Company”) issued a secured convertible promissory note in the amount of $30,000 (the “Promissory Note”) to the Nina and John Edmunds 1998 Family Trust dated January 27, 1998 (the “Edmunds Trust”), of which the Company’s Chairman, John Edmunds, is the trustee.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Odyssey Semiconductor Technologies, Inc. entered into Promissory Note with the Nina and John Edmunds 1998 Family Trust valued at $30,000 (effective 2023-12-26).

Action: entry
Agreement: notes offering
Counterparty: the Nina and John Edmunds 1998 Family Trust
Value: $30,000
Effective: 2023-12-26

Exact text from the filing

On December 26, 2023, Odyssey Semiconductor Technologies, Inc. (the “Company”) issued a secured convertible promissory note in the amount of $30,000 (the “Promissory Note”) to the Nina and John Edmunds 1998 Family Trust

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Source: SEC EDGAR

accession 0001437749-24-000135

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