other material
confidence high
sentiment neutral
materiality 0.70
TruGolf restructures $15.5M PIPE notes/warrants into Series A preferred; converts $3.9M notes
TruGolf Holdings, Inc.
- Exchanged PIPE warrants for 1,885 shares of Series A preferred stock and a warrant for 37,033 Series A preferred shares.
- Outstanding PIPE convertible notes (up to $15.5M) to be exchanged into Series A preferred shares; conversion price set at $1.00.
- Converted $3.9M in outstanding notes (Nov 2022) into 8.28M Class B shares and 4.23M Class A shares at $0.31204 per share.
- Series A preferred pays 10% annual dividend (15% if paid in stock); stated value $1,000 per share; senior to all common.
- Company must hold stockholder meeting within 90 days to approve shares underlying Series A preferred for Nasdaq listing.