KNOREX Ltd. exchanged an aggregate of $3,150,000 in outstanding principal amount of existing senior unsecured promissory notes for new convertible promissory notes with an aggregate principal amount of $3,363,411. The transaction involved capitalizing accrued interest and applying a 2.5% original issue discount. The new notes mature on January 1, 2027, and are convertible into Class A ordinary shares at a price based on the greater of 80% of the five-day VWAP or a floor price tied to NYSE American minimums. The company must use 100% of gross proceeds from future financings or asset sales to prepay these notes. KNOREX Ltd. operates in the technology sector, providing software solutions for the insurance industry.
