LUDWIG ENTERPRISES, INC. (LUDG): debt financing — Ludwig Enterprises enters $5M equity line and $50K promissory note with institutional investor

LUDWIG ENTERPRISES, INC.

Common Stock Purchase Agreement for up to $5,000,000; shares sold at 80% of lowest traded price over six days.
Investor received five-year warrant for 2,604,667 shares with anti-dilution and cashless exercise.
Promissory note of $50,000 issued, netting $40,000 after $10,000 OID; matures May 12, 2024, convertible on default.
Equity line capped at $250,000 per notice or 250% of average daily volume; 4.99% beneficial ownership limit.
Registration rights agreement requires filing within 20 days for shares issuable under the agreements.

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

LUDWIG ENTERPRISES, INC. incurred loan of $50,000 with the Investor maturing May 12, 2024.

Instrument: loan
Principal: $50,000
Counterparty: the Investor
Maturity: May 12, 2024
Event: incurrence

Exact text from the filing

On February 12, 2024, the Company and the Investor entered into a securities purchase agreement (the “SPA”), pursuant to which the Company agreed to issue to the Investor a Promissory Note (the “Note”), dated February 12, 2024, in the principal amount of $50,000.

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

LUDWIG ENTERPRISES, INC. entered into Common Stock Purchase Agreement with institutional investor valued at up to $5,000,000 in shares of common stock (effective 2024-02-12).

Action: entry
Agreement: equity purchase
Counterparty: institutional investor
Value: up to $5,000,000 in shares of common stock
Effective: 2024-02-12

Exact text from the filing

On February 12, 2024, Ludwig Enterprises, Inc., a Nevada corporation (the “Company”), entered into a Common Stock Purchase Agreement (the “Purchase Agreement”), together with a registration rights agreement (the “Registration Rights Agreement”) with an institutional investor (the “Investor”), pursuant to which the Company has the right to sell to the Investor up to $5,000,000 in shares of its common stock ("Common Stock"), subject to certain limitations.

View on SEC.gov

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

LUDWIG ENTERPRISES, INC. entered into Securities Purchase Agreement with the Investor valued at principal amount of $50,000, net proceeds of $40,000 (effective 2024-02-12).

Action: entry
Agreement: equity purchase
Counterparty: the Investor
Value: principal amount of $50,000, net proceeds of $40,000
Effective: 2024-02-12

Exact text from the filing

On February 12, 2024, the Company and the Investor entered into a securities purchase agreement (the “SPA”), pursuant to which the Company agreed to issue to the Investor a Promissory Note (the “Note”), dated February 12, 2024, in the principal amount of $50,000.

View on SEC.gov

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

LUDWIG ENTERPRISES, INC. filing history →

Source: SEC EDGAR

accession 0001903596-24-000094

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