Vivakor, Inc. (VIVK): debt financing — Vivakor amends $1M promissory note to add convertible feature at 90% discount with $0.75 floor

Vivakor, Inc.

Original $1M loan (10% interest, Dec 31, 2024 maturity) now convertible at 90% of 3-day avg closing price, floor $0.75/share.
Conversion capped at 4.99% ownership (can be raised to 9.99% on 61 days' notice).
Obligation to issue 100,000 restricted shares from original loan remains in effect.
Lender is accredited investor; issuance exempt under Section 4(a)(2).

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

Vivakor, Inc. amended convertible notes of $1,000,000 at 10% per annum maturing December 31, 2024.

Instrument: convertible notes
Principal: $1,000,000
Rate: 10% per annum
Maturity: December 31, 2024
Event: amendment

Exact text from the filing

on Form 8-K filed with the Securities and Exchange Commission on February 2, 2024, the Company received a loan from a non-affiliated individual lender in the principal amount of $1,000,000 (the “Loan”) and, in connection therewith, the Company agreed to issue 100,000 restricted shares of the Company’s common stock. The Loan bears interest at the rate of 10%

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

Vivakor, Inc. amended Amended Note with non-affiliated individual lender valued at $1,000,000 (effective 2024-04-08).

Action: amendment
Agreement: notes offering
Counterparty: non-affiliated individual lender
Value: $1,000,000
Effective: 2024-04-08

Exact text from the filing

On April 8, 2024, the lender returned an executed amended and restated convertible promissory note for the Loan (the “Amended Note”).

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

Vivakor, Inc. filing history →

Source: SEC EDGAR

accession 0001829126-24-002451

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