Wytec amends two director-held notes to add equity conversion at $5/share and warrant sweetener

WYTEC INTERNATIONAL INC

Amended $50,000 (Nov 2022) and $100,000 (Dec 2022) notes, both at 7% interest, issued to director Christopher Stuart.
Maturity can now be extended by up to three six-month periods (previously two) at borrower's option.
Lender may convert principal and interest to common stock at $5.00 per share at any time before maturity.
Conversion before Dec 31, 2023 also entitles lender to warrants exercisable at the greater of $5.00 or 85% of 10-day VWAP.
Warrants expire Dec 31, 2023 and can be exercised on a cash or cashless basis.

item 1.01

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

WYTEC INTERNATIONAL INC amended Amendments with Christopher Stuart valued at $100,000 (effective 2023-12-05).

Action: amendment
Counterparty: Christopher Stuart
Value: $100,000
Effective: 2023-12-05

Exact text from the filing

On or about December 5, 2023, Wytec International, Inc., a Nevada corporation (“Wytec”), amended (the “Amendments”) that certain unsecured promissory note, dated November 21, 2022, in the original principal amount of $50,000 issued by Wytec to Christopher Stuart

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

WYTEC INTERNATIONAL INC amended Amendments with Christopher Stuart valued at $100,000 (effective 2023-12-05).

Action: amendment
Counterparty: Christopher Stuart
Value: $100,000
Effective: 2023-12-05

Exact text from the filing

and that certain unsecured promissory note, dated December 19, 2022, in the original principal amount of $100,000 issued by Wytec to the Lender

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WYTEC INTERNATIONAL INC filing history →

Source: SEC EDGAR

accession 0001683168-23-008657

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