---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-000902"
form_type: "8-K"
ticker: "LODE"
cik: "0001120970"
company_name: "Comstock Inc."
filed_at: "2025-01-13T23:59:59+00:00"
generated_at: "2026-05-28T02:46:42.929293+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Comstock issues $10.6M convertible note to Kips Bay; conversion at 88% VWAP, requires shareholder vote

## Summary
- Issued $10.638M principal 6% convertible note to Kips Bay Select, LP; initial $5M cash funded, second $5M after reverse split.
- Note converts at 88% of lowest 6-day VWAP (80% if default), due April 2026; prepayable at 120% of principal plus interest.
- Shareholder meeting must be called by Feb 28, 2025 to increase authorized shares; reverse split needed for second tranche.
- Commitment shares equal to 5% of principal (2% restricted, 3% registered) to be issued 11 business days after closing.
- Investor covenant prohibits short sales while note outstanding; company restricted from variable-rate transactions.

## SEC filing metadata
- accession: 0001437749-25-000902
- form_type: 8-K
- ticker: LODE
- cik: 0001120970
- company_name: Comstock Inc.
- filed_at: 2025-01-13T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1120970/000143774925000902/0001437749-25-000902-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1120970/000143774925000902/lode20250108_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-000902
- JSON: https://secwatch.observer/filing/0001437749-25-000902.json
- Plain text: https://secwatch.observer/filing/0001437749-25-000902.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.