SRAX issues $90K convertible debenture at 20% discount; conversion price $0.25

SRAX, Inc.

Issued $90K principal of 0% convertible debenture for $75K (20% original issue discount).
Matures Feb 28, 2026; convertible into common at $0.25 per share.
Company may prepay at 120% within 90 days, 135% thereafter.
Amends Series B preferred to modify ownership limits and eliminate NASDAQ shareholder vote.
Private placement closed March 5, 2024 under Rule 506(b) and Section 4(a)(2).

item 1.01 item 2.03 item 2.04 item 3.02 item 9.01

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

SRAX, Inc. entered into Securities Purchase Agreement with certain accredited and institutional investor valued at $90,000 in principal amount of Original Issue Discount Convertible Debenture for $75,000 (effective 2024-03-05).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited and institutional investor
Value: $90,000 in principal amount of Original Issue Discount Convertible Debenture for $75,000
Effective: 2024-03-05

Exact text from the filing

On March 5, 2024 SRAX, Inc. (the “Company”) entered into definitive securities purchase agreements (the “Securities Purchase Agreement”) with a certain accredited and institutional investor (the “Purchasers”) for the purchase and sale of an aggregate of: (i) $90,000 in principal amount of Original Issue Discount Convertible Debenture (the “Debentures”) for $75,000 (representing a 20% original issue discount) (“Purchase Price”)

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Source: SEC EDGAR

accession 0001493152-24-009026

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