Digital Brands Group, Inc. (DBGI): debt financing — DBGI issues $250K convertible note with 20% interest, $3.50 conversion price

Digital Brands Group, Inc.

Issued $250,000 convertible promissory note to Target Capital 1 LLC, maturity April 30, 2025.
Note carries 20% one-time interest ($50,000) and conversion at $3.50 per share.
50,000 commitment shares issued as fee; additional 50,000 if note not repaid/converted by Oct 31, 2024.
Note is unsecured with standard default provisions; proceeds for general corporate purposes.

item 1.01 item 2.03 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

Digital Brands Group, Inc. incurred convertible notes of $250,000.00 with Target Capital 1 LLC maturing April 30, 2025.

Instrument: convertible notes
Principal: $250,000.00
Counterparty: Target Capital 1 LLC
Maturity: April 30, 2025
Event: incurrence

Exact text from the filing

On April 30, 2024 (the “Issue Date”), Digital Brands Group, Inc., a Delaware corporation (the “Company”) issued a convertible promissory note in the original principal amount of $250,000.00 (the “Note”) to Target Capital 1 LLC, an Arizona limited liability company (the “Note Holder”), with a maturity date of April 30, 2025 (the “Maturity Date”).

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

Digital Brands Group, Inc. entered into Note with Target Capital 1 LLC valued at $250,000.00 (effective 2024-04-30).

Action: entry
Agreement: notes offering
Counterparty: Target Capital 1 LLC
Value: $250,000.00
Effective: 2024-04-30

Exact text from the filing

On April 30, 2024 (the “Issue Date”), Digital Brands Group, Inc., a Delaware corporation (the “Company”) issued a convertible promissory note in the original principal amount of $250,000.00 (the “Note”) to Target Capital 1 LLC, an Arizona limited liability company (the “Note Holder”)

View on SEC.gov

310 debt financings filed in the last 30 days. Browse all debt financings →

Digital Brands Group, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-017631

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