Eightco Holdings Inc. (ORBS): debt financing — Cryptyde raises $5M via senior secured convertible note and warrants; conversion price $0.1249

Eightco Holdings Inc.

Issued $5,555,000 senior secured convertible note (purchase price $5M) convertible at $0.1249/share; matures Jan 15, 2024; 18% interest on default.
Issued warrant to purchase 44,475,581 shares at $0.1249/share; 5-year term; cashless exercise option.
Placement agent receives $400,000 cash and warrant for 3,558,047 shares.
Closing requires stockholder approval to increase authorized shares and amendment to existing subordination agreement.
Note ranks senior to all other debt; covenants restrict additional debt, dividends, and share repurchases.

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

Eightco Holdings Inc. incurred convertible notes of $5,555,000 with accredited investor at 18% per annum upon the occurrence of an event of default maturing January 15, 2024.

Instrument: convertible notes
Principal: $5,555,000
Counterparty: accredited investor
Rate: 18% per annum upon the occurrence of an event of default
Maturity: January 15, 2024
Event: incurrence

Exact text from the filing

On March 15, 2023, Cryptyde, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with an accredited investor (the “Investor”) for the issuance and sale of a Senior Secured Convertible Note with an initial principal amount of $5,555,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Eightco Holdings Inc. entered into Securities Purchase Agreement with an accredited investor valued at $5,555,000 (effective 2023-03-15).

Action: entry
Agreement: equity purchase
Counterparty: an accredited investor
Value: $5,555,000
Effective: 2023-03-15

Exact text from the filing

On March 15, 2023, Cryptyde, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with an accredited investor (the “Investor”) for the issuance and sale of a Senior Secured Convertible Note with an initial principal amount of $5,555,000

View on SEC.gov

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Eightco Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-007844

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