Sadot Group Inc. (SDOT): debt financing — Sadot Group completes $4M convertible note financing with Yorkville

Sadot Group Inc.

Yorkville advanced $1M on Oct 30 (Second Note) completing $4M total Pre-Paid Advance under SEPA.
Notes bear 6% interest (18% on default), mature Sept 22, 2024; conversion at lower of fixed price ($0.7315) or 95% of 7-day VWAP, floor $0.33.
Monthly $500K payments triggered if VWAP < $0.33 for 7 of 9 trading days or if Exchange Cap exceeded, unless shareholder approval obtained.
Purchase price is 94% of principal (6% OID); Yorkville may also require share issuance under SEPA at conversion price.
Notes are unregistered, sold to accredited investor under Section 4(a)(2).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sadot Group Inc. incurred convertible notes of $4.0 million with YA II PN, LTD at 6.0%, subject to an increase to 18% upon an event of default maturing September 22, 2024.

Instrument: convertible notes
Principal: $4.0 million
Counterparty: YA II PN, LTD
Rate: 6.0%, subject to an increase to 18% upon an event of default
Maturity: September 22, 2024
Event: incurrence

Exact text from the filing

condition set forth therein, Yorkville agreed to advance to the Company in the form of convertible promissory notes (the “Convertible Notes”) an aggregate principal amount of $4.0 million (the “Pre-Paid Advance”). The Pre-Paid Advance was disbursed on September 22, 2023 with respect to $3.0 million (the “Initial Note”) and the balance of $1.0 million was disbursed

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Source: SEC EDGAR

accession 0001493152-23-038863

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