secwatch.observer — SEC 8-K summary
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Issuer:     Odyssey Semiconductor Technologies, Inc. (—)
CIK:        0001781405
Form:       8-K
Filed at:   2024-01-16T23:59:59+00:00
Accession:  0001437749-24-001356
Event type: debt
Sentiment:  neutral
Materiality: 0.35
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Odyssey Semiconductor issues $190K secured convertible note to Chairman-controlled trust
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1781405/000143774924001356/0001437749-24-001356-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1781405/000143774924001356/odii20240116_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-001356

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer