Loan & DebtJun 24, 2026, 04:43 PM
Flash Sports & Media Holdings Secures $880K Convertible Note
AI Summary
Flash Sports & Media Holdings, Inc. entered into a Securities Purchase Agreement with FirstFire Global Opportunities Fund, LLC to issue a convertible promissory note with a principal amount of $880,000 for a purchase price of $800,000. The company also issued 10,000 common shares as commitment shares. The note carries a 10% annual interest rate and matures in 12 months, with an initial conversion price of $5.00 per share, subject to a 4.99% beneficial ownership limitation. The proceeds are designated for business development and general working capital.
Key Highlights
- Secured a convertible promissory note with a principal amount of $880,000.
- The note was issued for a purchase price of $800,000.
- Issued 10,000 shares of common stock as commitment shares to FirstFire.
- The note bears interest at 10% per annum, with $88,000 guaranteed for the first 12 months.
- The note matures 12 months from the issue date and is unsecured.
- Initial conversion price is $5.00 per share, subject to adjustment.
- Conversion is subject to a 4.99% beneficial ownership limitation.
- Proceeds will be used for business development and general working capital.
Price Impact
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