secwatch.observer — SEC 8-K summary
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Issuer:     Netcapital Inc. (NCPL)
CIK:        0001414767
Form:       8-K
Filed at:   2026-06-10T21:14:17+00:00
Accession:  0001493152-26-028158
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 $182K note with 13% interest to Vanquish Funding, convertible at 65% discount on default
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- Issued $182,120 promissory note to Vanquish Funding for $157,000 (13% OID); net proceeds $150,000 after $7,000 expenses.
- Note matures March 30, 2027; 13% one-time interest; five payments totaling $205,795 starting Nov 30, 2026.
- Upon default, conversion price set at 65% of lowest 20-day trading price, floor $1.00 per share for first six months.
- Default triggers acceleration at 150% of outstanding (200% if conversion share delivery fails); 22% default interest.
- Proceeds used for general working capital; note issued in private placement under Section 4(a)(2).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1414767/000149315226028158/0001493152-26-028158-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1414767/000149315226028158/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-028158

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