CID Holdco entered into a $500,000 senior secured convertible note with Phillips Equities & Trust to support working capital and related needs, alongside a registration rights agreement for resale of conversion shares. The 12-month, 6% note converts at 80% of the lowest five-day VWAP and is subject to a 4.99% beneficial ownership cap, adjustable to 9.99% with notice. In a parallel move, CID Holdco and White Lion confirmed the prior White Lion notes were fully converted and terminated, with all liens and related rights released, streamlining the company’s capital structure.
New agreement details:
- Agreement type: Senior secured convertible promissory note and registration rights agreement
- Counterparty: Phillips Equities & Trust
- Signed / Effective: Jun 26 2026 / same
- Duration / Termination: 12 months
- Reason: Fund working capital and support exclusivity for proposed asset sale
Terminated agreement details:
- Agreement terminated: Senior secured convertible promissory notes
- Counterparty: White Lion Capital
- Original agreement date: Apr 17 2026
- Termination date: Jun 26 2026
- Termination type: mutual
- Exit fees / payments: None
- Reason: White Lion notes fully converted and satisfied; liens released
Original SEC Filing:
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