Can B Corp (NASC): debt financing — Can B Corp. issues $156,250 promissory note with 20% OID to Walleye Opportunities Fund

Can B Corp

Can B Corp. sold a $156,250 promissory note to Walleye Opportunities Fund for $125,000, a 20% original issue discount.
The note is non-interest bearing but accrues 18% default interest and requires 135% of principal upon default.
Conversion price is 90% of the lowest daily VWAP over 15 trading days, with full ratchet anti-dilution protection.
Investor may purchase up to $1,693,750 additional notes, contingent on Nascent Pharma's patent acquisition.
Can B Corp. must register shares by Dec 11, 2023 or pay 2% monthly penalty on outstanding amounts.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Can B Corp incurred loan of $156,250 with Walleye Opportunities Fund, Ltd. at non-interest bearing, except in the case of the event of a default, in which cas maturing October 27, 2024.

Instrument: loan
Principal: $156,250
Counterparty: Walleye Opportunities Fund, Ltd.
Rate: non-interest bearing, except in the case of the event of a default, in which cas
Maturity: October 27, 2024
Event: incurrence

Exact text from the filing

On October 27, 2023, Can B Corp., a Florida corporation (the “Company”), completed the sale of a promissory note (the “Initial Note”) in the principal amount of $156,250 to Walleye Opportunities Fund, Ltd. (the “Investor”) pursuant to a Securities Purchase Agreement between the Company and the Investor (the “Stock Purchase Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Can B Corp entered into Stock Purchase Agreement with Walleye Opportunities Fund, Ltd. valued at $156,250 (effective 2023-10-27).

Action: entry
Agreement: equity purchase
Counterparty: Walleye Opportunities Fund, Ltd.
Value: $156,250
Effective: 2023-10-27

Exact text from the filing

On October 27, 2023, Can B Corp., a Florida corporation (the “Company”), completed the sale of a promissory note (the “Initial Note”) in the principal amount of $156,250 to Walleye Opportunities Fund, Ltd. (the “Investor”) pursuant to a Securities Purchase Agreement between the Company and the Investor (the “Stock Purchase Agreement”).

View on SEC.gov

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Can B Corp filing history →

Source: SEC EDGAR

accession 0001493152-23-039279

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