Driveitaway Holdings, Inc. (DWAY): debt financing — DriveItAway raises $200K via secured convertible notes and warrants; proceeds for EV acquisition

Driveitaway Holdings, Inc.

Raised $200,000 via private placement of four Units at $50,000 each; net proceeds $180,000.
Each Unit includes a 24-month 15% secured convertible note convertible at $0.20/share.
Each Unit also includes a warrant to purchase 25,000 shares at $0.30/share, exercisable for 5 years.
Notes secured by all company vehicles; default interest rate increases by 500 bps.
Net proceeds used to acquire five electric vehicles and for general corporate purposes.

item 1.01 item 2.03 item 3.02 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

Driveitaway Holdings, Inc. incurred convertible notes of $200,000 at 15% maturing November 15, 2024.

Instrument: convertible notes
Principal: $200,000
Rate: 15%
Maturity: November 15, 2024
Event: incurrence

Exact text from the filing

On November 15, 2022, DriveitAway Holdings, Inc (the “ Company ”) closed on a transaction with an investor pursuant to a Subscription Agreement for an aggregate amount of $200,000, for four (4) Units. Each Unit, priced at $50,000, consists of a twenty four (24) month Secured Promissory Note (the “Note”), at an interest rate of 15%, which is convertible at $0.20 per share into shares of the Company’s common stock. The principal and interest on the Note shall be payable as follows: (a) the principal balance and all accrued and unpaid interest, late fees, etc. shall be due and payable on November 15, 2024 (the “ Maturity Date”)

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

Driveitaway Holdings, Inc. entered into Subscription Agreement with an investor valued at $200,000 (effective 2022-11-15).

Action: entry
Agreement: equity purchase
Counterparty: an investor
Value: $200,000
Effective: 2022-11-15

Exact text from the filing

On November 15, 2022, DriveitAway Holdings, Inc (the “ Company ”) closed on a transaction with an investor pursuant to a Subscription Agreement for an aggregate amount of $200,000, for four (4) Units.

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

Driveitaway Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001731122-22-002020

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