secwatch.observer — SEC 8-K summary
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Issuer:     Comstock Inc. (LODE)
CIK:        0001120970
Form:       8-K
Filed at:   2024-12-04T23:59:59+00:00
Accession:  0001437749-24-036700
Event type: debt
Sentiment:  negative
Materiality: 0.55
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Comstock raises $2.5M via 6% convertible note with step-down conversion price and share penalty
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- Issued up to $2.66M principal 6% convertible note due Apr 4, 2026; initial $2.5M funded Dec 4, 2024.
- Second tranche of $500k due by Jan 1, 2025; both include 6% original-issue discount.
- Conversion: 200% of closing price for first 20 days, then 88% of lowest 6-day VWAP (80% in default).
- Prepayment allowed at 120% of principal plus accrued interest with 30-day notice.
- Issuer to deliver 5% of principal in commitment shares (2% restricted, 3% registered) based on 20-day VWAP.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1120970/000143774924036700/0001437749-24-036700-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1120970/000143774924036700/lode20241202_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-036700

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