Clean Energy Technologies converts $1.95M notes to equity via Series E Preferred shares

Clean Energy Technologies, Inc.

Exchanged $1,955,122.43 of promissory notes for 2,199,387 shares of 15% Series E Convertible Preferred Stock.
Preferred stock carries no mandatory cash redemption, improving CETY's financial flexibility.
Conversion aligns with long-term partnership with Mast Hill Fund and eliminates cash redemption mandate.
Preferred stockholders receive a 15% dividend; conversion is variable based on market conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Clean Energy Technologies, Inc. entered into Exchange Agreement with Mast Hill Fund, L.P. with Mast Hill Fund, L.P. valued at Issued 2,199,387 shares of Series E Convertible Preferred Stock in exchange for outstanding balances (effective 2023-11-08).

Action: entry
Counterparty: Mast Hill Fund, L.P.
Value: Issued 2,199,387 shares of Series E Convertible Preferred Stock in exchange for outstanding balances
Effective: 2023-11-08

Exact text from the filing

On November 8, 2023, Clean Energy Technologies, Inc. (the “Company”) entered into an exchange agreement (the “Agreement”) with Mast Hill Fund, L.P., a Delaware limited partnership (the “Holder”), pursuant to which the Company agreed to issue to the Holder 2,199,387 shares of the newly designated 15% Series E Convertible Preferred Stock of the Company, par value $0.001 per share (the “Series E Preferred Stock”), in exchange for the outstanding balances of $1,955,122.43, as of November 8, 2023, under the six promissory notes the Company issued to the Holder from November 2022 to July 2023.

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Clean Energy Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-041537

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