Universal Safety Products amends SJC Lending deal for up to $2.5 million convertible-note financing
UUU•Universal Safety Products amended its agreement with SJC Lending on Oct. 9, 2026, allowing up to $2.65 million in convertible-note principal for up to $2.5 million in cash. Two tranches totaling $1.5 million have been funded, with a final $1 million tranche due after a resale registration statement becomes effective.
1. Financing terms
The amended agreement permits Universal Safety Products to issue convertible promissory notes with up to $2.65 million in principal for up to $2.5 million in cash. SJC Lending funded $1 million for a $1.06 million note on June 12, 2026, and $500,000 for a $530,000 note on July 29. The final $1 million tranche is due within 30 days after the SEC declares effective a resale registration statement covering conversion shares. Notes carry 8% interest, increasing to 20% on default, and convert at the greater of $1 or 80% of the five-day low VWAP.
