Stemtech secures up to $7M convertible note facility, initial $1M drawn to retire merchant cash advance

Stemtech Corp

Institutional investor Leviston Resources provides up to $7M via convertible note with 12% OID and 7% interest.
Initial $1M disbursement used to fully pay off a standing Merchant Cash Agreement; balance for product development.
Note carries 100% warrant coverage and company has redemption right at 125% of face value.
Investor agrees to no short-selling or hedging of company common stock during term.

item 1.01 item 9.01

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

Stemtech Corp entered into a equity purchase valued at up to $7,000,000 (effective 2023-03-27).

Action: entry
Agreement: equity purchase
Value: up to $7,000,000
Effective: 2023-03-27

Exact text from the filing

On March 27 th , 2023, the Company and an institutional investor executed an investment agreement for up to $7,000,000 via a Convertible Promissory Note, Share Purchase Agreement and Warrant Agreement.

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Source: SEC EDGAR

accession 0001683168-23-002027

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