Crypto Co (CRCW): debt financing — The Crypto Company borrows $79,250 via convertible note with 10% interest and 65% conversion discount

Crypto Co

Principal amount $79,250; maturity Jan 3, 2024; interest 10% (default 22%).
Conversion price at 65% of lowest trading price over prior 10 trading days, subject to 4.99% beneficial ownership cap.
Prepayment: 115%-125% of principal depending on timing within 180 days, thereafter subject to mutual agreement.
Standard events of default include payment failure, SEC reporting non-compliance, OTC listing lapse; upon default, 22% interest and 150% of amounts due.
Funds from 1800 Diagonal Lending, LLC; private placement exempt from registration under Section 4(a)(2) and Rule 506(b).

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

Crypto Co incurred convertible notes of $79,250 with 1800 Diagonal Lending, LLC at 10% per annum, and a default interest of 22% per annum maturing January 3, 2024.

Instrument: convertible notes
Principal: $79,250
Counterparty: 1800 Diagonal Lending, LLC
Rate: 10% per annum, and a default interest of 22% per annum
Maturity: January 3, 2024
Event: incurrence

Exact text from the filing

Effective January 10, 2023, The Crypto Company (the “Company”) borrowed funds pursuant to a Securities Purchase Agreement (the “SPA”) entered into with 1800 Diagonal Lending, LLC (“Diagonal”), and Diagonal purchased a convertible promissory note (the “Note”) from the Company in the aggregate principal amount of $79,250.

View on SEC.gov

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

Crypto Co entered into Securities Purchase Agreement with 1800 Diagonal Lending, LLC valued at $79,250 (effective 2023-01-10).

Action: entry
Agreement: equity purchase
Counterparty: 1800 Diagonal Lending, LLC
Value: $79,250
Effective: 2023-01-10

Exact text from the filing

Effective January 10, 2023, The Crypto Company (the “Company”) borrowed funds pursuant to a Securities Purchase Agreement (the “SPA”) entered into with 1800 Diagonal Lending, LLC (“Diagonal”), and Diagonal purchased a convertible promissory note (the “Note”) from the Company in the aggregate principal amount of $79,250.

View on SEC.gov

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

Crypto Co filing history →

Source: SEC EDGAR

accession 0001493152-23-001641

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