Volcon executes $4.93M convertible note private placement and $27.17M debt exchange

Empery Digital Inc.

Issued $4,934,782 in senior convertible notes (initial conversion price $2.54) and warrants for 5.8M shares at $1.09 exercise price.
Exchanged existing $27,173,913 Original Notes for Series A and Series B Exchange Notes plus Exchange Warrants.
Closing contingent on an underwritten public offering raising at least $5.0M; net proceeds to company ~$4.5M.
Eliminates $10M cash deposit requirement originally due Sept 30, 2023 under Original Notes.
Shareholder approval needed for price adjustments to Transaction Price; special meeting within 60 days of closing.

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

Empery Digital Inc. entered into Securities Purchase and Exchange Agreement with certain institutional investors valued at approximately $4.5 million in gross proceeds (effective 2023-05-19).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional investors
Value: approximately $4.5 million in gross proceeds
Effective: 2023-05-19

Exact text from the filing

On May 19, 2023, Volcon, Inc. (the “Company”) entered into a Securities Purchase and Exchange Agreement (the “Purchase Agreement”) with certain institutional investors

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38 material agreements filed in the last 30 days. Browse all material agreements →

Empery Digital Inc. filing history →

Source: SEC EDGAR

accession 0001683168-23-003569

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