AgEagle Aerial Systems Inc. (UAVS): debt financing — AgEagle exchanges $4.85M note with Alpha Capital for convertible note at $0.10/share

AgEagle Aerial Systems Inc.

Exchanged $4.095M note plus accrued interest for Convertible Note of $4,849,491; convertible at $0.10/share.
Convertible Note accrues 12% interest (18% on default); monthly amortization payments of $484,949 start April 1, 2024.
Full conversion would yield up to 52.2M shares (>19.99% of outstanding); shareholder approval required.
Series F Preferred minimum subscription reduced from $2M to $1M per tranche; total capacity remains $25M.
Company cannot issue stock to officers/directors without Alpha's consent while Convertible Note is outstanding.

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

AgEagle Aerial Systems Inc. incurred convertible notes of $4,849,491 with Alpha Capital Anstalt at 12% per annum maturing January 8, 2024.

Instrument: convertible notes
Principal: $4,849,491
Counterparty: Alpha Capital Anstalt
Rate: 12% per annum
Maturity: January 8, 2024
Event: incurrence

Exact text from the filing

Agreement (the “ Exchange Agreement ”), pursuant to which the parties agreed to exchange the Original Note for a Convertible Note due January 8, 2024 in the principal amount of $4,849,491 (the “ Convertible Note ”), convertible into Common Stock at the initial conversion price of $0.10 per share of Common Stock, subject to adjustment based on the effectiveness of

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Source: SEC EDGAR

accession 0001493152-24-005426

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