Loan & DebtOct 5, 2026, 05:21 PM
RenX Enterprises Corp. Converts $1.45M Debt to Preferred Stock & Warrants
AI Summary
RenX Enterprises Corp. announced an exchange agreement with James D. Burnham, its Director of Growth & M&A, to convert $1,446,774.32 of outstanding debt into 1,441 shares of Series D Convertible Preferred Stock and warrants to purchase 124,438 shares of common stock. The preferred stock is convertible at $2.895 per share, subject to certain limitations including Nasdaq rules and beneficial ownership caps. The company also filed the Certificate of Designation for the Series D Preferred Stock, detailing its terms, including a floor price of $1.50 and dividend accrual of 8% on stated value.
Key Highlights
- RenX Enterprises Corp. exchanged $1,446,774.32 in outstanding debt for Series D Convertible Preferred Stock and warrants.
- The debt was held by James D. Burnham, Director of Growth & M&A and former board member.
- The exchange involved 1,441 shares of Series D Convertible Preferred Stock convertible at $2.895 per share.
- Warrants were issued to purchase up to 124,438 shares of common stock at an exercise price of $2.895 per share.
- The Preferred Stock has a stated value of $1,000.00 per share and accrues 8% annual dividends.
- Conversion of Preferred Stock is subject to a beneficial ownership limitation, initially 4.99% up to 19.99%.
Price Impact
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