secwatch.observer — SEC 8-K summary
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Issuer:     Comstock Inc. (LODE)
CIK:        0001120970
Form:       8-K
Filed at:   2025-01-13T23:59:59+00:00
Accession:  0001437749-25-000902
Event type: debt
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1120970/000143774925000902/0001437749-25-000902-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1120970/000143774925000902/lode20250108_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-000902

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