Visium Technologies enters $52,805 convertible loan with 1800 Diagonal Lending; net proceeds $40k

VISIUM TECHNOLOGIES, INC.

Net loan proceeds of $40,000 after 15% OID ($8,055) and $4,250 expense reimbursement.
Note: $52,805 principal, 17% one-time interest ($8,976), total payback $61,781 over 8 installments.
Upon default, conversion price at 58% of lowest 20-day trading price; company must reserve 6x conversion shares.
Default triggers 150% of outstanding plus 22% default interest.
Loan issued under Section 4(a)(2) exemption; no registration.

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

VISIUM TECHNOLOGIES, INC. entered into Securities Purchase Agreement with 1800 Diagonal Lending, LLC valued at principal amount of $52,805 (effective 2023-06-01).

Action: entry
Agreement: credit facility
Counterparty: 1800 Diagonal Lending, LLC
Value: principal amount of $52,805
Effective: 2023-06-01

Exact text from the filing

On June 1, 2023, we entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor (“the Lender”), pursuant to which the Lender made a loan to us, evidenced by promissory note in the principal amount of $52,805 (the “Note”).

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VISIUM TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001654954-23-007755

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