Financing ·
Universal Safety Products agrees to sell up to $2.5M of convertible notes to SJC Lending
UUUDeFi Capital Markets, Inc.
On October 9, 2026, Universal Safety Products entered into an amended and restated Securities Purchase Agreement with SJC Lending LLC to issue convertible promissory notes with a total principal amount of up to $2,650,000 for a purchase price of $2.5 million. The transaction is structured in three tranches: the first tranche of $1,060,000 closed on June 12, 2026; the second tranche of $530,000 closed on July 29, 2026; and the final tranche is contingent upon SEC registration of the underlying shares. The notes carry an 8% annual interest rate, mature one year after issuance, and convert at a price equal to the greater of $1.00 or 80% of the five-day VWAP, capped at $10.00 per share. Stockholder approval is required for conversions exceeding 19.99% of outstanding shares. Universal Safety Products manufactures safety products.