secwatch.observer — SEC 8-K summary
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Issuer:     Netcapital Inc. (NCPL)
CIK:        0001414767
Form:       8-K
Filed at:   2026-05-18T21:14:53+00:00
Accession:  0001493152-26-024229
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Netcapital issues $290K convertible note and warrants to Labrys Fund II in private placement
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- Issued $290,000 convertible note to Labrys Fund II for $250,000 purchase price ($40,000 OID); note matures May 12, 2027.
- Note bears 12% flat interest ($34,800), amortization payments begin Nov 12, 2026, conversion at 75% of lowest bid over 10 days (floor $0.10).
- Issued warrant to purchase 250,000 shares at $0.50/share, exercisable Nov 12, 2026 to May 12, 2029, with cashless exercise provision.
- Net proceeds of approximately $224,500 after fees and costs for working capital and business development.
- Event of default if registration statement not filed within 60 days or effective within 120 days of issue date.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1414767/000149315226024229/0001493152-26-024229-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1414767/000149315226024229/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-024229

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer