SRAX, Inc.: debt financing — SRAX issues $90K convertible debenture at 20% OID, converts at $0.25, matures 2026

SRAX, Inc.

Sold $90,000 principal amount of 0% interest convertible debentures for $75,000 cash (20% original issue discount).
Debentures mature March 29, 2026; conversion price $0.25 per share subject to standard adjustments.
Company may prepay at 120% of principal within first 90 days, 135% thereafter; offering closed April 2, 2024.
Issued in private placement to an accredited investor exempt from registration under Rule 506(b)/Section 4(a)(2).
Customary events of default include payment default and change of control; principal becomes due immediately upon default.

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.

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

SRAX, Inc. incurred convertible notes of $90,000 in principal amount at 0%, no interest per annum maturing March 29, 2026.

Instrument: convertible notes
Principal: $90,000 in principal amount
Rate: 0%, no interest per annum
Maturity: March 29, 2026
Event: incurrence

Exact text from the filing

On March 29, 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

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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 (effective 2024-03-29).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited and institutional investor
Value: $90,000 in principal amount of Original Issue Discount Convertible Debenture
Effective: 2024-03-29

Exact text from the filing

On March 29, 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 0001493152-24-012985

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