secwatch.observer — SEC 8-K summary
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Issuer:     Odyssey Semiconductor Technologies, Inc. (—)
CIK:        0001781405
Form:       8-K
Filed at:   2024-01-02T23:59:59+00:00
Accession:  0001437749-24-000135
Event type: debt
Sentiment:  negative
Materiality: 0.35
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Odyssey Semiconductor issues $30K secured convertible note to Chairman's trust at 10% interest
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1781405/000143774924000135/0001437749-24-000135-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1781405/000143774924000135/odii20240102_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-000135

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