iCoreConnect Inc.: debt financing — iCoreConnect raises up to $2.375M via convertible notes; first tranche $1.375M at 10% OID

iCoreConnect Inc.

Initial closing of $1,375,000 principal notes yields $1,250,000 gross proceeds (10% OID).
Notes convertible at $1.848/share; conversion price subject to weighted-average anti-dilution.
Company issued 85,174 commitment shares to investors at initial closing.
Second tranche of up to $1,100,000 principal available subject to registration and shareholder approval.
Notes mature 12 months; monthly amortization payments begin at six months; default rate 16%.

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

iCoreConnect Inc. incurred convertible notes of up to $2,375,000 with certain institutional investors at original issue discount of 10.0% per annum, and will not accrue additional inter maturing 12 months from their respective issuance date.

Instrument: convertible notes
Principal: up to $2,375,000
Counterparty: certain institutional investors
Rate: original issue discount of 10.0% per annum, and will not accrue additional inter
Maturity: 12 months from their respective issuance date
Event: incurrence

Exact text from the filing

On February 26, 2024, iCoreConnect, Inc. (the “Company”) executed a securities purchase agreement (the “Purchase Agreement”) with certain institutional investors (the “Investors”). Pursuant to the terms and conditions of the Purchase Agreement, the Investors agreed to purchase from the Company unsecured convertible notes in the aggregate principal amount of up to $2,375,000 (the “Notes”) (the “Financing”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

iCoreConnect Inc. entered into Registration Rights Agreement with certain institutional investors valued at grants the Investors certain customary registration rights in connection with the Financing with res (effective 2024-02-26).

Action: entry
Counterparty: certain institutional investors
Value: grants the Investors certain customary registration rights in connection with the Financing with res
Effective: 2024-02-26

Exact text from the filing

On February 26, 2024, the parties entered into a registration rights agreement (the “Registration Rights Agreement”), which grants the Investors certain customary registration rights in connection with the Financing with respect to the shares of common stock underlying the Notes.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

iCoreConnect Inc. entered into Securities Purchase Agreement with certain institutional investors valued at unsecured convertible notes in the aggregate principal amount of up to $2,375,000 (effective 2024-02-26).

Action: entry
Agreement: notes offering
Counterparty: certain institutional investors
Value: unsecured convertible notes in the aggregate principal amount of up to $2,375,000
Effective: 2024-02-26

Exact text from the filing

On February 26, 2024, iCoreConnect, Inc. (the “Company”) executed a securities purchase agreement (the “Purchase Agreement”) with certain institutional investors (the “Investors”). Pursuant to the terms and conditions of the Purchase Agreement, the Investors agreed to purchase from the Company unsecured convertible notes in the aggregate principal amount of up to $2,375,000 (the “Notes”) (the “Financing”).

View on SEC.gov

299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001477932-24-000941

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