Knorex exchanges $3.15 million in senior notes for $3.36 million in convertible notes
KNRX•Knorex exchanged $3.15 million of senior unsecured notes for $3.36 million of new convertible promissory notes held by North Commerce Parkway Capital and TQ Master Fund. The new notes mature Jan. 1, 2027.
1. Note exchange
Knorex entered an exchange agreement on Oct. 2, 2026, with North Commerce Parkway Capital LP and TQ Master Fund LP, exchanging $3.15 million of senior unsecured promissory notes for $3.36 million of convertible promissory notes. The new principal includes $129,325 of capitalized interest and an $84,086 adjustment for a 2.5% original issue discount.
2. Conversion terms
The exchange notes mature Jan. 1, 2027, and accrue interest at the rate under the existing note purchase agreement. Holders may convert at the greater of 80% of the lowest five-day Daily VWAP or a floor set at 20% of the NYSE American minimum price.
