Odyssey Semiconductor Technologies, Inc.: debt financing — Odyssey Semiconductor issues $190K secured convertible note to Chairman-controlled trust

Odyssey Semiconductor Technologies, Inc.

Issued $190K secured convertible promissory note to Edmunds Trust, where Chairman John Edmunds is trustee.
Note bears 10% non-compounding interest, matures June 30, 2025; interest paid in common stock at conversion.
Conversion at 80% of public offering price if IPO≥$5M or exchange listing, else at 20-day VWAP.
On corporate transaction, note redeemed at 200% of principal plus accrued interest.
Secured by all assets; ranks junior to prior notes from same holder totaling ~$3.99M.

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 $190,000 with Nina and John Edmunds 1998 Family Trust dated January 27, 1998 at ten percent (10%) per annum, on a non-compounding basis maturing the 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: $190,000
Counterparty: Nina and John Edmunds 1998 Family Trust dated January 27, 1998
Rate: ten percent (10%) per annum, on a non-compounding basis
Maturity: the 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 January 11, 2024, Odyssey Semiconductor Technologies, Inc. (the “Company”) issued a secured convertible promissory note in the amount of $190,000 (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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Source: SEC EDGAR

accession 0001437749-24-001356

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