Odyssey Semiconductor Technologies, Inc.: debt financing — Odyssey Semiconductor issues $190K secured convertible note to Chairman's trust at 10% interest

Odyssey Semiconductor Technologies, Inc.

$190,000 secured convertible promissory note issued to Edmunds Trust, where Chairman John Edmunds is trustee.
Note bears 10% non-compounding interest, payable in common stock at the conversion price.
Conversion price: 80% of public offering price if ≥$5M offering, or average of last 20 trading days' closing price.
Upon a Corporate Transaction, note redeemed at 200% of principal plus accrued interest.
Matures June 30, 2025, or earlier upon conversion or a Financing Event.

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 on 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: on 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 April 15, 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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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Odyssey Semiconductor Technologies, Inc. entered into Promissory Note with Nina and John Edmunds 1998 Family Trust dated January 27, 1998 valued at $190,000 (effective 2024-04-15).

Action: entry
Agreement: notes offering
Counterparty: Nina and John Edmunds 1998 Family Trust dated January 27, 1998
Value: $190,000
Effective: 2024-04-15

Exact text from the filing

On April 15, 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.

View on SEC.gov

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Source: SEC EDGAR

accession 0001437749-24-012395

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