Skillful Craftsman signs $2 million convertible note financing agreement with Thriving tech
EDTK•Skillful Craftsman Education Technology entered a $2 million convertible promissory note purchase agreement with Thriving tech on November 3, 2026. The unsecured note carries 7% annual simple interest and is due November 3, 2031, with conversion terms tied to Nasdaq closing bid prices.
1. Note terms
The unsecured note carries 7% annual simple interest, with principal and accrued interest due on November 3, 2031. Its conversion price is 80% of the lowest Nasdaq closing bid price during the 10 trading days immediately before a conversion notice, and conversions include a 10% share premium.
2. Closing and share cap
Issuance is capped at 19.99% of the shares or voting power outstanding before the agreement, pending required shareholder approval or an exemption. Closing is expected within 10 days of signing; Skillful Craftsman may terminate the agreement if closing has not occurred by December 31, 2026.
