Loan & DebtJun 8, 2026, 10:46 AM
Kandal M Venture issues Senior Convertible Notes; Revere Securities is agent
AI Summary
Kandal M Venture Ltd issued Senior Convertible Notes, convertible into Class A Ordinary Shares at 105% of the principal, maturing on the third anniversary of their issuance. These notes include customary covenants and a beneficial ownership limitation of 9.99%. The company also entered into a placement agency agreement with Revere Securities LLC, appointing them as the exclusive agent for the offering. Revere Securities will receive a 5% placement fee on gross proceeds, advisory fees of $20,000 per closing, and 1% of gross proceeds for non-accountable expenses.
Key Highlights
- Kandal M Venture issued Senior Convertible Notes convertible into Class A Ordinary Shares.
- Notes are convertible at 105% of the principal converted.
- The notes will mature on the third anniversary of their respective issuance dates.
- Interest rate increases to an annual rate of 18.0% upon an Event of Default.
- A Beneficial Ownership Limitation prevents conversion if a holder would own over 9.99% of Class A Ordinary Shares.
- Revere Securities LLC was appointed as the exclusive placement agent for the offering.
- The Placement Agent will receive a 5% fee on the aggregate gross proceeds from Note sales.
- Advisory fees include $20,000 upon Initial Closing and $20,000 upon each subsequent Closing.
- The Placement Agent will also receive 1% of gross proceeds for non-accountable expenses.
Price Impact
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