Loan & DebtJul 7, 2026, 06:07 AM
Founder Group Secures Up to $20M in Pre-Paid Purchase Financing
AI Summary
Founder Group Ltd. secured up to $20 million in pre-paid purchase financing from Avondale Capital, LLC, issuing an initial $1.08 million pre-paid purchase on July 6, 2026. This initial purchase included a $70,000 original issue discount and $10,000 in transaction expenses. Separately, the company exchanged an $8 million secured convertible promissory note with Streeterville Capital for a new $8 million secured non-convertible note bearing 6% annual interest and maturing on December 11, 2027.
Key Highlights
- Secured up to $20,000,000 in pre-paid purchase financing from Avondale Capital.
- Issued an initial pre-paid purchase of $1,080,000 on July 6, 2026.
- Initial pre-paid purchase included a $70,000 original issue discount and $10,000 transaction expense.
- Subsequent pre-paid purchases will have a 7% OID and 8% annual interest.
- Exchanged an $8,000,000 secured convertible note for a new $8,000,000 non-convertible note.
- New non-convertible note bears 6% annual interest and matures on December 11, 2027.
Price Impact
More from FGL