Loan & DebtJul 2, 2026, 08:43 AM
Dot Ai Secures $500K Convertible Note, Retires $867K Debt
AI Summary
CID Holdco, Inc. (Dot Ai) announced a series of capital structure actions, including securing a new $500,000 Senior Secured Convertible Promissory Note from Phillips Equities & Trust, LLC. Concurrently, the company retired approximately $867,000 in outstanding secured convertible promissory notes from White Lion Capital, LLC, simplifying its capital structure. The new lender also acquired the company's existing obligations to J.J. Astor & Co., making the new note a senior secured obligation.
Key Highlights
- CID Holdco (Dot Ai) entered a Note Purchase Agreement for a $500,000 Senior Secured Convertible Promissory Note.
- The Note bears interest at 6% per annum and matures in twelve months.
- The Note is convertible into common stock at 80% of the lowest daily VWAP over 5 trading days.
- The Note is a senior secured obligation, initially subordinated to J.J. Astor obligations.
- The Lender (Phillips Equities & Trust, LLC) purchased the remaining J.J. Astor obligations from J.J. Astor.
- Dot Ai retired approximately $867,000 in outstanding secured convertible promissory notes held by White Lion Capital, LLC.
- Proceeds from the new note are for working capital, transaction expenses, and other approved purposes.
Price Impact
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