Corporate ActionJul 30, 2026, 05:06 PM
LogicMark Sells $250,000 Series J Convertible Preferred Stock
AI Summary
LogicMark, Inc. entered into a Securities Purchase Agreement to sell 250,000 shares of Series J Convertible Preferred Stock to an institutional investor for $250,000. These preferred shares are convertible into common stock at a highly dilutive conversion price of 50% of the lowest traded price over 30 days. The agreement includes a one-time redemption right for the investor at the stated value of $1.28 per share on October 30, 2026, and requires the company to file a registration statement for the resale of conversion shares. Additionally, the company entered into an employment agreement with its President and CEO, Chia-Lin Simmons.
Key Highlights
- LogicMark sold 250,000 Series J Convertible Preferred Shares to an institutional investor.
- The preferred shares were sold at a purchase price of $1.00 per share, raising $250,000.
- Each Series J Preferred Share has a stated value of $1.28 and grants 2 votes.
- Shares are convertible into common stock at 50% of the lowest traded price during the 30 trading days prior to conversion.
- The investor has a one-time right to require redemption of shares for cash at stated value on October 30, 2026.
- LogicMark entered into a Registration Rights Agreement to file a resale registration statement for conversion shares within 90 days.
- A Voting Agreement was also signed, requiring the investor to vote preferred shares as recommended by the Board.
- The company also entered into an employment agreement with CEO Chia-Lin Simmons.
Price Impact
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