Loan & DebtJul 30, 2026, 08:33 AM
Agassi Sports Entertainment Secures $1M Convertible Note
AI Summary
Agassi Sports Entertainment Corp. secured a $1,000,000 Convertible Promissory Note from Investments AKA, LLC, an entity controlled by Andre Agassi, the company's largest beneficial stockholder. The note carries a 3.96% interest rate and matures on July 27, 2027. It is designed to automatically convert into equity if the company raises at least $3,000,000 in a future equity financing, with the conversion price matching that of new investors. The company intends to use the proceeds for general working capital.
Key Highlights
- Agassi Sports Entertainment Corp. entered into a $1,000,000 Convertible Promissory Note.
- The note was issued to Investments AKA, LLC, owned by Andre Agassi, the company's largest beneficial stockholder.
- The Convertible Note accrues interest at 3.96% per annum, compounded semi-annually.
- Maturity date for the note is July 27, 2027.
- The note automatically converts into equity upon a 'Next Equity Financing' of at least $3,000,000.
- Proceeds of $1,000,000 will be used for general working capital purposes.
Price Impact
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