Empery Digital Inc. (EMPD): debt financing — Volcon commences public offering; note amendment extends maturity, eases covenants

Empery Digital Inc.

Commences underwritten public offering of shares; Aegis Capital Corp. as sole book-runner; 45-day over-allotment option for up to 15%.
Waiver from investors allows offering; if offering price below $0.55, conversion price of $42.8M notes drops to $0.55, shares increase to 58.4M.
Note Amendment: maturity extended from Feb 2024 to Jan 2025; cash requirement reduced to $5M by June 2024.
Added covenant: sell at least 250 Volcon Stag offroad vehicles by Dec 31, 2023; allowed up to $10M factoring debt with subordination.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Empery Digital Inc. amended convertible notes with Empery Asset Master, LTD, Empery Tax Efficient, LP and Empery Debt Opportunity Fund, LP maturing extend the maturity date from February 24, 2024 to January 31, 2025.

Instrument: convertible notes
Counterparty: Empery Asset Master, LTD, Empery Tax Efficient, LP and Empery Debt Opportunity Fund, LP
Maturity: extend the maturity date from February 24, 2024 to January 31, 2025
Event: amendment

Exact text from the filing

On September 14, 2023, the Company entered into a note amendment (the “Note Amendment”) with the Investors pursuant to which the Investors agreed to take the following actions with respect to the Notes: (i) to extend the maturity date from February 24, 2024 to January 31, 2025

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Empery Digital Inc. entered into Waiver and Modification Agreement with Empery Asset Master, LTD, Empery Tax Efficient, LP and Empery Debt Opportunity Fund, LP (effective 2023-09-14).

Action: entry
Counterparty: Empery Asset Master, LTD, Empery Tax Efficient, LP and Empery Debt Opportunity Fund, LP
Effective: 2023-09-14

Exact text from the filing

On September 14, 2023, the Company entered into a Waiver and Modification Agreement (the “Waiver Agreement”) with the Investors

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Empery Digital Inc. amended Note Amendment with Empery Asset Master, LTD, Empery Tax Efficient, LP and Empery Debt Opportunity Fund, LP (effective 2023-09-14).

Action: amendment
Agreement: notes offering
Counterparty: Empery Asset Master, LTD, Empery Tax Efficient, LP and Empery Debt Opportunity Fund, LP
Effective: 2023-09-14

Exact text from the filing

On September 14, 2023, the Company entered into a note amendment (the “Note Amendment”) with the Investors pursuant to which the Investors agreed to take the following actions with respect to the Notes

View on SEC.gov

10 debt financings filed in the last 30 days. Browse all debt financings →

Empery Digital Inc. filing history →

Source: SEC EDGAR

accession 0001683168-23-006458

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