Wytec issues $71.3K convertible promissory note with aggressive default conversion terms

WYTEC INTERNATIONAL INC

Sold $71,300 note (incl. $9,300 OID) to 1800 Diagonal Lending for net proceeds of $62,000.
Note bears 12% one-time interest ($8,556), matures Dec 30, 2026, with scheduled payments.
On default, principal + interest increase 150% and accrue at 22%; lender may convert at 65% of lowest 10-day trading price.
Proceeds used for general working capital; $7,000 buyer expenses reimbursed.
Note has cap on conversion preventing ownership over 4.99% of outstanding shares.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

WYTEC INTERNATIONAL INC entered into 1800 Diagonal SPA with 1800 Diagonal Lending LLC valued at $71,300 (effective 2026-03-03).

Action: entry
Agreement: equity purchase
Counterparty: 1800 Diagonal Lending LLC
Value: $71,300
Effective: 2026-03-03

Exact text from the filing

entered into a securities purchase agreement (the “1800 Diagonal SPA”) with 1800 Diagonal Lending LLC, a Virginia limited liability company (“1800 Diagonal”), which closed on March 3, 2026, pursuant to which Wytec sold 1800 Diagonal a promissory note in the principal amount of $71,300

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Source: SEC EDGAR

accession 0001683168-26-001619

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