Corporate ActionJul 6, 2026, 04:47 PM
Cloudastructure Exchanges Preferred Stock for $1.3M Note, Amends Series 2 Terms
AI Summary
Cloudastructure, Inc. entered into an Exchange Agreement with Streeterville Capital, LLC, issuing a $1,299,870 promissory note in exchange for 1,170 shares of Series 2 Convertible Preferred Stock. The unsecured note matures in July 2027, bears 9.5% interest, and allows monthly redemptions by Streeterville. Concurrently, the company amended its Series 2 Preferred Stock certificate of designations to classify the shares as equity under GAAP, fixing the conversion price at $0.40 per share and modifying holder remedies upon default.
Key Highlights
- Cloudastructure, Inc. issued a Promissory Note for $1,299,870 to Streeterville Capital, LLC.
- The note was in exchange for 1,170 shares of Series 2 Convertible Preferred Stock, which were cancelled.
- The Exchange Note matures on July 30, 2027, and bears interest at 9.5% per annum, compounded daily.
- Streeterville can redeem up to $108,332.50 per month starting July 30, 2026.
- The company amended its Series 2 Certificate of Designations for GAAP equity classification.
- The fixed conversion price for Series 2 Preferred Stock is $0.40 per share with anti-dilution.
- Eliminated 'Deemed Liquidation Event' and holder-initiated forced redemption rights for Series 2 Preferred Stock.
Price Impact
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