Longevity Health enters settlement financing with Puritan Partners via USD 2.35 million 10% secured convertible notes
XAGE•Settlement financing and note terms
Longevity Health entered a settlement with Puritan Partners that refinanced disputed obligations into two 10% Senior Secured Convertible Notes totaling USD 2.35 million.
The notes mature on Feb. 5, 2028. The initial conversion price is USD 0.50 per share, with an alternative price set at 80% of a five-day average.
Security, repayment and default provisions
The debt is guaranteed by subsidiaries and secured by a first-priority lien on substantially all assets, including intellectual property.
The terms require the company to offer 25% of gross proceeds from certain future financings for prepayment, and call for mandatory prepayment upon a change of control.
If a default occurs, the debt can accelerate with a 115% redemption premium. Post-default interest rises to 15%, and Puritan has the option of a confession of judgment.
