Crypto Co. Converts Debt to Equity in 271 Million Share Deal
Crypto Co. has entered into a debt transaction involving the early conversion of outstanding promissory notes held by Eksa Holdings LLC, Practivist Investors LLC, and Robert Nail. The company issued a total of 271,136,940 shares of its common stock to these investors, representing 135% of the present value of the principal amount of the original notes. In addition, Crypto Co. issued new promissory notes to the investors totaling $855,579.26, with the same maturity dates as the original notes and secured by subordinated security interests in all company assets. The company also amended its arrangements with AJB, issuing a new promissory note for $93,386 and granting AJB a second-priority, subordinated security interest in all assets. All agreements include customary representations, warranties, covenants, and standard events of default.
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