secwatch.observer — SEC 8-K summary
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Issuer:     USBC, Inc. (USBC)
CIK:        0001074828
Form:       8-K/A
Filed at:   2024-03-06T23:59:59+00:00
Accession:  0001654954-24-002730
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Know Labs corrects warrant count to 6M shares in $14.4M convertible note facility with Lind
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- Initial $4.8M senior convertible note (0% interest) for $4M purchase price; conversion at $1.00/share.
- Warrants to purchase up to 6M shares at $0.80/share; cashless exercise allowed if registration ineffective.
- Monthly payments start 120 days after issuance: greater of 5% principal or $240k; paid in cash, stock, or both.
- Placement agent Benchmark receives $200k cash fee and 102,302 unregistered shares.
- Notes secured by first-priority lien on all assets; subsidiary Particle guarantees obligations.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1074828/000165495424002730/0001654954-24-002730-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1074828/000165495424002730/knwn_8ka.htm
  HTML page:      https://secwatch.observer/filing/0001654954-24-002730

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