Vestand amends convertible note use of proceeds; remaining $1.5M funding terminated

Vestand Inc.

Amendment allows proceeds to be used for general operations, restructuring, growth investments, acquisitions, and internal controls.
Originally $4.4M convertible note from Open Innovation Fund was restricted to California real estate.
First tranche of $2.9M funded; investor and company mutually terminated commitment for unfunded $1.5M.
Partial Termination Confirmation executed Dec 12, 2025; all other terms for funded capital remain.
Filing was inadvertently late; filed Dec 17, 2025.

item 1.01 item 1.02 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

Vestand Inc. amended Change of Use Amendment with Open Innovation Fund (effective 2025-09-10).

Action: amendment
Counterparty: Open Innovation Fund
Effective: 2025-09-10

Exact text from the filing

On September 10, 2025, the Company and the Investor signed an amendment to the Agreement (the “Change of Use Amendment”) revising the use of proceeds and providing that proceeds may now be used for (i) general operating expenses, (ii) financial restructuring and risk management, (iii) selective growth investments, (iv) funds for acquisition of new businesses, and (v) internal control enforcement and system improvements.

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

Vestand Inc. terminated Confirmation with Open Innovation Fund valued at $1,500,000 (effective 2025-12-12).

Action: termination
Counterparty: Open Innovation Fund
Value: $1,500,000
Effective: 2025-12-12

Exact text from the filing

and on December 12, 2025, the Investor and the Company executed a Partial Termination Confirmation (the “Confirmation”) regarding the remaining $1,500,000 under the Agreement (the “Unfunded Capital”).

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281 material agreements filed in the last 30 days. Browse all material agreements →

Vestand Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-028162

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