Universal Safety Products amends SJC Lending deal for up to $2.5 million convertible-note financing
Bitget2026/10/09 20:31Universal Safety Products entered an amended and restated Securities Purchase Agreement with SJC Lending on Oct. 9, 2026. Deal allows issuance of convertible promissory notes up to USD 2.65 million principal for up to USD 2.5 million cash. Two tranches already funded: USD 1 million for a USD 1.06 million note on June 12, 2026; USD 500,000 for USD 530,000 on July 29. Final USD 1 million tranche due within 30 days of SEC effectiveness of a resale registration statement for conversion shares. Notes carry 8% interest, rising to 20% on default; conversion price is greater of USD 1 floor or 80% of five-day low VWAP. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Universal Safety Products Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001104659-26-115059), on October 09, 2026, and is solely responsible for the information contained therein.
- Universal Safety Products entered an amended and restated Securities Purchase Agreement with SJC Lending on Oct. 9, 2026.
- Deal allows issuance of convertible promissory notes up to USD 2.65 million principal for up to USD 2.5 million cash.
- Two tranches already funded: USD 1 million for a USD 1.06 million note on June 12, 2026; USD 500,000 for USD 530,000 on July 29.
- Final USD 1 million tranche due within 30 days of SEC effectiveness of a resale registration statement for conversion shares.
- Notes carry 8% interest, rising to 20% on default; conversion price is greater of USD 1 floor or 80% of five-day low VWAP.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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