UNIVERSAL SAFETY PRODUCTS, INC. (UUU) Form 8-K — Jun 12, 2026
Universal Safety Products, Inc. (UUU) entered into a Securities Purchase Agreement with SJC Lending LLC to issue convertible promissory notes with an aggregate principal amount of up to $10.6 million for a total purchase price of $10 million. The initial tranche closed on June 12, 2026, with the company receiving $1 million for a note with a $1.06 million principal face amount, reflecting a 6% original issue discount. The notes accrue interest at 8% per annum, increasing to 20% upon an event of default, and mature on June 12, 2027.
Key figures
- Debt Amount
- 10600000
- Interest Rate
- 8
- Maturity Date
- June 12, 2027
- Gross Proceeds
- 10000000
- Conversion Max Price
- 10
- Exchange Cap Percent
- 19.99
- Default Interest Rate
- 20
- Conversion Floor Price
- 1
- Initial Tranche Principal
- 1060000
- Beneficial Ownership Limit
- 4.99
- Initial Tranche Purchase Price
- 1000000
- Original Issue Discount Percent
- 6
Price after filing
Close on the filing date to close N calendar days later (from $6.10). Historical, not a forecast.
AI analysis
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AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.