secwatch.observer — SEC 8-K summary
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Issuer:     Zapata Quantum, Inc. (ZPTA)
CIK:        0001843714
Form:       8-K
Filed at:   2025-06-18T23:59:59+00:00
Accession:  0001553350-25-000061
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 1.02, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Zapata raises $2.65M via secured notes; converts $10.1M payables to equity
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- Secured convertible notes raise $2.65M (up to $3M), bearing 10% interest, maturing in 1 year, convertible at $0.04/share into 66.25M shares.
- Warrants to purchase 33.125M shares at $0.04/exercise price, 5-year term; cashless exercise allowed if registration ineffective.
- Used $1.343M of proceeds to repay D-Wave Quantum Inc. note with 15% interest and original $1M principal.
- Converted $10.1M of accounts payable into 27.33M shares, part of restructuring targeting up to $17M liabilities for up to 46M shares.
- Issued 34M shares to existing lender in exchange for waiver of defaults on its $1M note; intercreditor agreement governs priority.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1843714/000155335025000061/0001553350-25-000061-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1843714/000155335025000061/zapata_8k.htm
  HTML page:      https://secwatch.observer/filing/0001553350-25-000061

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