Stewards launches up to $22 million unsecured convertible debt offering
Bitget2026/11/03 22:42- Stewards entered an agreement on October 28, 2026, to issue up to $22 million in unsecured convertible promissory notes.
- Crom Structured Opportunities Fund I purchased the initial $6.05 million note for $5.5 million; total offering proceeds could reach $20 million.
- The initial note matures 12 months from issuance and carries a one-time 10% interest charge, fully earned at issuance.
- Conversion begins January 31, 2027, at 90% of the lowest daily VWAP over the preceding five trading days, subject to adjustments.
- While notes remain outstanding, 50% of gross equity or equity-linked financing proceeds must repay them, subject to exceptions.
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