Loan & DebtJun 9, 2026, 04:07 PM
Edgemode, Inc. Issues $300K Convertible Note for Working Capital
AI Summary
Edgemode, Inc. has entered into a securities purchase agreement with an accredited investor, issuing a $300,000 convertible promissory note. The note was sold with a $50,000 original issuance discount, providing the company with $250,000 in net proceeds for working capital. The note matures on August 3, 2026, accrues 12% annual interest, and is convertible into common stock under specific conditions, including potential price resets if the stock price falls below certain thresholds. The agreement also outlines standard events of default.
Key Highlights
- Edgemode, Inc. issued a $300,000 convertible promissory note to an accredited investor.
- The note was sold at a $50,000 original issuance discount, yielding $250,000 in net proceeds.
- Proceeds are designated for working capital.
- The note accrues 12% annual interest and matures on August 3, 2026.
- The note is convertible into common stock at $0.01 per share, with potential resets to $0.0075 or lower under certain conditions.
- Events of default include failure to make payments or maintain SEC reporting requirements.
Price Impact
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