Verb Technology issues $1.005M promissory note to Streeterville Capital at 9% interest

TON Strategy Co

Principal $1,005,000; interest 9% compounded daily; maturity 18 months from October 11, 2023.
Subsidiary verbMarketplace, LLC guarantees the note; $5,000 of principal covers Investor's legal fees.
Prepayment before maturity requires 110% of prepaid amount; no prepayment penalty on monthly redemptions.
Investor may redeem up to $120,000 per month starting six months after issuance, with cash payment within 3 trading days.
Company must use 20% of gross proceeds from future equity/debt financings or asset sales to prepay the note.

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

TON Strategy Co entered into Purchase Agreement with Streeterville Capital, LLC valued at $1,005,000 (effective 2023-10-11).

Action: entry
Agreement: notes offering
Counterparty: Streeterville Capital, LLC
Value: $1,005,000
Effective: 2023-10-11

Exact text from the filing

On October 11, 2023, Verb Technology Company, Inc. (the “Company”) entered into a note purchase agreement (the “Purchase Agreement”) with Streeterville Capital, LLC (the “Investor”), pursuant to which the Investor purchased a promissory note (the “Note”) in the aggregate principal amount of $1,005,000

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Source: SEC EDGAR

accession 0001493152-23-037520

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