Corporate ActionJul 9, 2026, 09:03 AM
Newton Golf Converts $2.3M Notes to Series A Preferred Stock
AI Summary
Newton Golf Company, Inc. entered into Exchange Agreements to convert approximately $2.3 million of existing convertible promissory notes into 24,092.61 shares of newly designated Series A Convertible Preferred Stock. The Series A Preferred Stock ranks senior to common stock, carries a 10.00% annual dividend, and is convertible into common stock at an initial price of $1.00 per share. The company also entered into a Registration Rights Agreement to facilitate the resale of common stock issued upon conversion.
Key Highlights
- Newton Golf Company exchanged $2.3 million of existing convertible promissory notes.
- Issued 24,092.61 shares of newly designated Series A Convertible Preferred Stock.
- Series A Preferred Stock ranks senior to Common Stock for dividends and liquidation.
- Series A Preferred Stock carries an annual dividend rate of 10.00% of the Original Issue Price.
- Initial conversion price for Series A Preferred Stock into Common Stock is $1.00 per share.
- Company signed Registration Rights Agreement for resale of Common Stock upon conversion.
- Chairman of the Board participated in the exchange on the same terms as other holders.
Price Impact
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