Longevity Health issues $416,667 10% senior secured convertible note to Puritan Partners - XAGE News | RalliesLongevity Health issues $416,667 10% senior secured convertible note to Puritan Partners
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XAGE• Convertible note financing with Puritan Partners
- Longevity Health entered a securities purchase agreement with Puritan Partners for a 10% Senior Secured Convertible Note due Feb. 29, 2028.
- The company issued $416,667 principal with a 10% original issue discount for $375,000; proceeds are earmarked for working capital.
- The note pays 10% cash interest monthly and converts at $0.50 per share, with an alternative 80% lookback price if shares trade below that level.
- The deal allows for up to two additional notes totaling $277,778, subject to conditions; the third note is at Puritan’s discretion.
- Obligations are first-lien secured by substantially all assets; the default rate rises to 15%, with payoff at 115% or 125%.
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