Loan & DebtJul 31, 2026, 04:38 PM
VSee Health Secures $336K Convertible Promissory Note
AI Summary
VSee Health, Inc. secured $336,000 in financing through an unsecured convertible promissory note from institutional investor Labrys. The note, which includes a $36,000 original issue discount and a 12% one-time interest charge, matures on June 30, 2027. It is convertible into common stock at a discounted price, subject to beneficial ownership limitations, and Labrys has the right to demand repayment from up to 50% of the company's future cash proceeds.
Key Highlights
- VSee Health, Inc. entered a securities purchase agreement with Labrys for a convertible promissory note.
- The unsecured convertible promissory note has an aggregate principal amount of $336,000.
- The principal amount includes an original issue discount (OID) of $36,000, with an actual purchase price of $300,000.
- A one-time interest charge of 12% ($40,320) is guaranteed and earned in full as of the issue date.
- The note matures on June 30, 2027.
- The note is convertible into common stock at 75% of the lowest closing bid price over 10 trading days.
- Conversion is subject to a 4.99% beneficial ownership limitation for Labrys, adjustable up to 9.99%.
- Labrys can require the company to apply up to 50% of future cash proceeds towards repayment.
Price Impact
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