Cloudastructure entered into an Exchange Agreement with Streeterville Capital, issuing a $1,299,870 unsecured promissory note in exchange for 1,170 shares of Series 2 Convertible Preferred Stock. The note bears 9.5% interest, matures on Jul 30, 2027, and allows Streeterville to redeem up to $108,332.50 plus interest per month beginning Jul 30, 2026. The exchange, completed Jun 30, 2026, was effected under Securities Act Section 3(a)(9) and cancels the exchanged preferred shares.
Agreement details:
- Agreement type: Exchange agreement and unsecured promissory note (9.5% interest, 13-month maturity)
- Counterparty: Streeterville Capital
- Signed / Effective: Jun 30 2026 / Jun 30 2026
- Duration / Termination: 13 months, matures Jul 30 2027
- Reason: Restructure preferred equity into debt and provide repayment schedule
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.