Loan & DebtApr 30, 2026, 03:26 PM
DAIC Issues $287.5K Senior Secured Convertible Note
AI Summary
CID Holdco, Inc. (DAIC) completed the first closing of a Note Purchase Agreement, issuing a Senior Secured Convertible Promissory Note with an original principal amount of $287,500 to White Lion Capital, LLC. The Company received $230,000 in cash proceeds after a 20% original issue discount, with $20,000 withheld for legal fees. The proceeds are designated to cover scheduled monthly payments on an existing senior secured convertible note with J.J. Astor & Co. The Note bears 8% annual interest, matures in six months, and is convertible into common stock at a variable price, subject to ownership limitations.
Key Highlights
- Issued Senior Secured Convertible Promissory Note for $287,500 principal amount.
- Received $230,000 cash proceeds after 20% original issue discount.
- $20,000 was withheld by the Holder for legal document fees.
- Note bears 8% annual interest, with first six months guaranteed.
- Matures on the six-month anniversary of the April 24, 2026 issue date.
- Convertible at 80% of lowest 15-day VWAP, subject to 4.99% ownership cap.
- Note is a second senior secured obligation, behind J.J. Astor & Co.
Price Impact
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