debt
confidence high
sentiment neutral
materiality 0.70
Mobiquity Tech raises $910K net via $1.125M 10% notes plus warrants with anti-dilution and registration rights
Mobiquity Technologies, Inc.
- Issued 10% promissory notes with $1.125M principal to Talos Victory Fund and Blue Lake Partners, maturing Sept 20, 2022.
- Net proceeds of $910K after $112.5K OID and placement agent fees; funds for general operations.
- Warrants to purchase 56,250 shares at $10 (adjustable to 130% of uplist price); conversion price $5 (70% of uplist price if within 180 days).
- Company grants demand and piggy-back registration rights; must file resale registration statement within 45 days.
- Default triggers 125% principal acceleration plus 16% default interest; negative covenants limit further debt and asset sales.