Stewards launches up to $22 million unsecured convertible debt offering
SWRD•Stewards agreed to issue up to $22 million in unsecured convertible notes, with total proceeds potentially reaching $20 million. Crom Structured Opportunities Fund I bought the initial $6.05 million note for $5.5 million.
1. Note offering terms
Stewards entered an agreement on October 28, 2026, to issue up to $22 million in unsecured convertible promissory notes. Crom Structured Opportunities Fund I purchased the initial $6.05 million note for $5.5 million, while total offering proceeds could reach $20 million. The initial note matures 12 months after issuance and carries a one-time 10% interest charge, fully earned at issuance.
2. Conversion and repayment
Conversion begins January 31, 2027, at 90% of the lowest daily VWAP over the preceding five trading days, subject to adjustments. While notes remain outstanding, 50% of gross proceeds from equity or equity-linked financing must be used to repay them, subject to exceptions.
