Financing ·
EigenQ issues up to $5M of subordinated unsecured notes and warrants as part of proposed merger financing
SVAQWSilicon Valley Acquisition Corp.
Silicon Valley Acquisition Corp. (SVAQ) and EigenQ entered into a securities purchase agreement for the issuance of subordinated unsecured promissory notes with an aggregate principal amount of up to $5,000,000 and associated warrants. At initial closing, EigenQ issued notes totaling $2,413,333.33 (reflecting a 10% original issue discount) and warrants for 201,111 shares at an exercise price of $12.00 per share. The remaining capacity allows for additional issuances up to the aggregate limit. These unsecured notes are subordinated to previously issued secured notes and will convert into PubCo securities upon the closing of the proposed business combination between SVAQ and EigenQ. EigenQ operates in the quantum security and infrastructure sector.