Crypto Co (CRCW): debt financing — The Crypto Company issues $550K promissory note at 12% with 30M warrants to AJB Capital

Crypto Co

Principal $550,000 at 12% annual interest; matures January 23, 2024; net proceeds $487,500 after fees.
Issued 30,000,000 pre-funded warrants exercisable at $0.00001 per share as an incentive fee.
Note carries a 10% original issue discount; purchase price $500,000.
Proceeds for working capital and general corporate purposes; up to $200,000 for potential acquisitions.
Company granted AJB a security interest in all assets; default triggers 18% interest and conversion at market discount.

item 1.01 item 2.03 item 3.02

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

Crypto Co incurred loan of $550,000 with AJB Capital Investments, LLC at 12% per year maturing January 23, 2024.

Instrument: loan
Principal: $550,000
Counterparty: AJB Capital Investments, LLC
Rate: 12% per year
Maturity: January 23, 2024
Event: incurrence

Exact text from the filing

On June 26, 2023, The Crypto Company (the “Company”) borrowed funds pursuant to the terms of a Securities Purchase Agreement (the “AJB SPA”) entered into with AJB Capital Investments, LLC (“AJB”), and issued a Promissory Note in the principal amount of $550,000 (the “AJB Note”) to AJB in a private transaction for a purchase price of $500,000 (giving effect to a 10% original issue discount).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Crypto Co entered into Securities Purchase Agreement with AJB Capital Investments, LLC valued at Principal amount of $550,000, purchase price $500,000, net proceeds $487,500 (effective 2023-06-26).

Action: entry
Agreement: credit facility
Counterparty: AJB Capital Investments, LLC
Value: Principal amount of $550,000, purchase price $500,000, net proceeds $487,500
Effective: 2023-06-26

Exact text from the filing

On June 26, 2023, The Crypto Company (the “Company”) borrowed funds pursuant to the terms of a Securities Purchase Agreement (the “AJB SPA”) entered into with AJB Capital Investments, LLC (“AJB”), and issued a Promissory Note in the principal amount of $550,000 (the “AJB Note”) to AJB in a private transaction for a purchase price of $500,000 (giving effect to a 10% original issue discount).

View on SEC.gov

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Crypto Co filing history →

Source: SEC EDGAR

accession 0001493152-23-023091

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