Data443 amends SPA; issues 50x more shares to Nov 2022 investors, causing massive dilution

Data443 Risk Mitigation, Inc.

Original SPA from Nov 2022 sold 931,000 shares at $1.00 for ~$931K total.
Amendment multiplies each investor’s shares by 50, issuing ~46.55M additional shares.
No new cash proceeds; investors release all claims against the company.
Shares issued under Section 4(a)(2) and Rule 506; not registered and subject to piggyback rights.
Dilution to existing holders is material; prior $1.00 price implied per-share value now 1/50th.

item 1.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

Data443 Risk Mitigation, Inc. amended Amended SPA with certain accredited investors (effective 2023-03-17).

Action: amendment
Agreement: equity purchase
Counterparty: certain accredited investors
Effective: 2023-03-17

Exact text from the filing

arch 17, 2023, we amended the terms of the Original SPA (as amended, the “Amended SPA”). Under the Amended SPA, the number of shares received by each Investor will be multiplied by 50.

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Data443 Risk Mitigation, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-008692

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