secwatch.observer — SEC 8-K summary
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Issuer:     SideChannel, Inc. (SDCH)
CIK:        0001022505
Form:       8-K
Filed at:   2023-06-15T23:59:59+00:00
Accession:  0001493152-23-021358
Event type: other_material
Sentiment:  neutral
Materiality: 0.80
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SideChannel converts Series A Preferred after SCS revenue milestone; Sellers now own 57.6% of SDCH common
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- SCS achieved $5.7M trailing 12-month revenue (Mar 31, 2023), exceeding $5.5M milestone.
- Board approved issuance of 62,016,618 Second Tranche shares (including working capital adjustment of 2,116,618 shares).
- Sellers converted 100 shares of Series A Preferred into 100 common shares on June 12, 2023.
- Following conversion, Sellers hold ~57.6% of 211,587,999 outstanding common shares; no preferred remains.
- Lock-up restrictions: Sellers cannot sell >20% of shares until July 2023 (12 mo.) and remainder until July 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1022505/000149315223021358/0001493152-23-021358-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1022505/000149315223021358/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-021358

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