secwatch.observer — SEC 8-K summary
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Issuer:     USBC, Inc. (USBC)
CIK:        0001074828
Form:       8-K
Filed at:   2024-02-29T23:59:59+00:00
Accession:  0001654954-24-002413
Event type: debt
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Know Labs secures up to $12M in convertible note funding from Lind Global Fund II
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1074828/000165495424002413/0001654954-24-002413-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1074828/000165495424002413/knwn_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-24-002413

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