Volcon exchanges ~$24.68M convertible notes for Series A preferred, eliminating substantial debt

Empery Digital Inc.

Exchanged $24.68M aggregate principal of senior convertible notes for Series A convertible preferred shares at $1,000 per share.
Preferred Stock pays no dividends, has no operational covenants, and is not redeemable except upon change of control.
Preferred convertible into common at $1.33 per share; voting rights equal to common shares upon conversion.
Exchange removes substantially all debt from balance sheet; relies on Section 3(a)(9) exemption from registration.
Holders received one share of Preferred per $1,000 principal; conversion price subject to adjustment for dilutive issuances or reverse splits.

item 1.01 item 3.02 item 3.03 item 5.03 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

Empery Digital Inc. entered into Exchange Agreements with holders of all of its senior convertible notes valued at approximately $24.68 million aggregate principal amount of Notes (effective 2024-03-03).

Action: entry
Agreement: equity purchase
Counterparty: holders of all of its senior convertible notes
Value: approximately $24.68 million aggregate principal amount of Notes
Effective: 2024-03-03

Exact text from the filing

On March 3, 2024, Volcon, Inc. (the “Company”) entered into Exchange Agreements (each, an “Agreement”) with the holders of all of its senior convertible notes (the “Notes”), pursuant to which the holders agreed to exchange approximately $24.68 million aggregate principal amount of Notes for shares of the Company’s Series A convertible preferred stock (the “Preferred Stock”).

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

Empery Digital Inc. filing history →

Source: SEC EDGAR

accession 0001683168-24-001263

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