secwatch.observer — SEC 8-K summary
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Issuer:     Fabric.AI, Inc. (FABC)
CIK:        0001086745
Form:       8-K
Filed at:   2023-08-08T23:59:59+00:00
Accession:  0001493152-23-027111
Event type: other_material
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 3.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

AYRO raises $22M via convertible preferred stock and warrants from existing investors
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- Gross proceeds $22M from sale of 22,000 Series H-7 convertible preferred shares (stated value $1,000) and warrants for 22M common shares.
- Conversion/exercise price $1.00 per share, a ~39% premium to Aug 7 close of $0.72.
- Preferred shares carry 8% annual dividend, redeemable in 12 monthly installments starting Feb–Aug 2024/2025 at 105% of stated value or in stock.
- Net proceeds to fund development and manufacturing ramp of Vanish LSEV and general corporate purposes.
- Stockholder approval required for full conversion/warrant exercise; officers holding ~3.9% shares agree to vote in favor.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1086745/000149315223027111/0001493152-23-027111-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1086745/000149315223027111/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-027111

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