Tribal Rides receives $25K, issues 1.6M shares and warrants in note modification

SUPA Consolidated Inc.

Company received $25,000 from AJB Capital; note principal increased by $30,000.
Modification fee of $176,000 paid by issuing 1,600,000 shares at $0.11/share.
Issued warrants to purchase 750,000 shares at $0.25, exercisable for 5 years.
Make-whole provision: if fee share sale nets less than $176K, additional shares or cash required.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.92

SUPA Consolidated Inc. entered into Side Letter to Securities Purchase Agreement with AJB Capital Investments, LLC valued at Convertible Promissory Note principal increased by $30,000, modification fee of $176,000 in shares, (effective 2023-05-23).

Action: entry
Agreement: credit facility
Counterparty: AJB Capital Investments, LLC
Value: Convertible Promissory Note principal increased by $30,000, modification fee of $176,000 in shares,
Effective: 2023-05-23

Exact text from the filing

On May 23, 2023, the Company received an additional $25,000 from the Lender and, in consideration of receipt of the additional funds from the Lender, the Company entered into the Side Letter (the “ Side Letter ”) with the Lender pursuant to which the principal of the Note increased by $30,000.

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SUPA Consolidated Inc. filing history →

Source: SEC EDGAR

accession 0001683168-23-003746

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