Onar Holding says holders exchange $6.5 million notes into new financing, retiring old debt
ONAR•Onar Holding completed an initial closing of a $15 million financing convertible into preferred equity at a $25 million pre-money valuation upon a Nasdaq listing. Holders exchanged about $6.5 million of existing notes into the financing, retiring those notes and related warrants.
1. Financing details
Onar Holding completed an initial closing of a $15 million financing that can convert into preferred equity at a $25 million pre-money valuation. Conversion occurs only upon completion of a Nasdaq listing, implying an approximately $40 million post-money valuation upon conversion. A senior secured facility of up to $5 million is also convertible into preferred equity on the same valuation basis.
2. Notes exchanged
Holders of about $6.5 million of existing notes exchanged those obligations into the new financing, retiring the exchanged notes and related warrants.
