USBC, Inc. (USBC): debt financing — Know Labs secures up to $12M in convertible note funding from Lind Global Fund II

USBC, Inc.

Initial close: $4M cash for a $4.8M face-value convertible note; conversion price $1.00/share (50% premium to $0.667 close).
Warrant to purchase 3M shares at $0.80/share (20% premium), exercisable for 60 months starting 6 months post-funding.
Monthly repayments begin 120 days after funding; can be in cash (plus 5% premium) or stock at 90% of 3-lowest VWAP average.
Notes secured by all company assets; include default triggers such as market cap below $15M for 10 consecutive days.
Company to file resale registration statement for underlying shares within 30 days, seek effectiveness within 90 days.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

USBC, Inc. incurred convertible notes of $4,800,000 with Lind Global Fund II, LP at no interest.

Instrument: convertible notes
Principal: $4,800,000
Counterparty: Lind Global Fund II, LP
Rate: no interest
Event: incurrence

Exact text from the filing

issued to Lind an initial Note with an outstanding principal amount of Four Million Eight Hundred Thousand Dollars ($4,800,000)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

USBC, Inc. entered into Securities Purchase Agreement with Lind Global Fund II, LP valued at up to Fourteen Million Four Hundred Thousand Dollars ($14,400,000) for an aggregate purchase price e (effective 2024-02-27).

Action: entry
Agreement: equity purchase
Counterparty: Lind Global Fund II, LP
Value: up to Fourteen Million Four Hundred Thousand Dollars ($14,400,000) for an aggregate purchase price e
Effective: 2024-02-27

Exact text from the filing

On February 27, 2024, Know Labs, Inc. (the “Company”) (a) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with Lind Global Fund II, LP (“Lind”), pursuant to which the Company may issue Lind one or more senior convertible notes (the “Notes”) in the aggregate principal amount of up to Fourteen Million Four Hundred Thousand Dollars ($14,400,000) for an aggregate purchase price equal to up to Twelve Million Dollars ($12,000,000) (the “Offering”) and Common Stock purchase warrants (the “Warrants”)

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299 debt financings filed in the last 30 days. Browse all debt financings →

USBC, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-24-002413

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