Tessera Defense & Homeland Security Inc. (PHGE) Form 8-K — Oct 5, 2026
Tessera Defense and Homeland Security entered a new $5,000,000 revolving line of credit with Mandragola Ltd., its Israeli strategic partner, on October 5, 2026. Advances bear 12% simple interest, mature October 5, 2029, and are convertible into common stock at the lower of the 5-day lowest closing price or $1.00 per share. The same 8-K discloses that between September 29 and October 2, 2026, the company issued 2,690,500 restricted shares to Mandragola, including 200,000 conversion shares on a $95,020 note at $0.4751 and 2,490,500 shares from cashless exercises of the DFSL Warrant tied to the 60% Dr. Frucht Systems acquisition.
Key figures
- Debt Amount
- 5000000
- Interest Rate
- 12
- Maturity Date
- 2029-10-05
- Shares Offered
- 2690500
- Shares Outstanding
- 8920240
- Exchange cap
- 19.99% of outstanding common stock absent stockholder approval
- Issuer blocker
- 9.99% beneficial ownership cap on warrant exercises
- Warrant shares
- 2490500
- Conversion shares
- 200000
- Prior credit line
- $2,000,000 (May 13, 2026 agreement, $0 outstanding)
- Conversion price cap
- $1.00
- Default interest rate
- 15% per annum (or max lawful rate)
- Conversion price actual
- 0.4751
- Conversion note principal converted
- $95,020
AI analysis
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