InvestmentMay 12, 2026, 04:21 PM
Paranovus Invests $1M in Knox Golf Academy via Convertible Note
AI Summary
Paranovus Entertainment Technology Ltd. announced the purchase of a secured convertible promissory note from Knox Golf Academy, Inc. for up to US$1,000,000. The investment, funded in two tranches with the first US$500,000 already disbursed, carries a 10% annual interest rate and is convertible into Knox common stock. The note is secured by Knox's assets and equity, guaranteed by its controlling shareholder, and grants Paranovus the right to appoint a director to Knox's board.
Key Highlights
- Paranovus Entertainment Technology Ltd. purchased a secured convertible promissory note from Knox Golf Academy, Inc.
- The note is for an aggregate principal amount of up to US$1,000,000.
- The first tranche of US$500,000 was funded upon issuance.
- The outstanding principal amount will accrue interest at a rate of 10% per annum.
- The note has a term of twelve months and is convertible into common stock of Knox.
- The note is secured by substantially all assets and equity interests of Knox.
- Paranovus has the right to appoint one director to the board of directors of Knox.
Price Impact
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