Loan & DebtJun 26, 2026, 05:06 PM
NIMU Secures $809,705 Convertible Note to Repay Existing Debt
AI Summary
Non-Invasive Monitoring Systems, Inc. (NIMU) entered into a Note Purchase Agreement with Defender Opportunity LLC, selling a Convertible Promissory Note for $809,705.75. The proceeds were used to repay existing promissory notes, including those held by officers and directors, totaling $720,000 in principal and $89,705.75 in accrued interest. The Convertible Note carries an interest rate of 11% per annum until November 12, 2026, increasing to 22% thereafter, and automatically converts into common stock upon the closing of the planned merger with Gravitics, Inc.
Key Highlights
- Company issued a Convertible Promissory Note for $809,705.75.
- Proceeds used to repay $720,000 principal and $89,705.75 interest on Original Notes.
- Note bears 11% interest until November 12, 2026, then 22% per annum.
- Maturity date for the Convertible Note is December 31, 2026.
- Convertible into common stock at a price of $0.01966 per share.
- Full amount automatically converts upon closing of Gravitics, Inc. merger.
- Dr. Frost and Dr. Hsiao still hold $300,000 in non-convertible notes.
- Company will file a registration statement for resale of conversion shares.
Price Impact
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