Yimutian Inc. (YMT) Form 6-K — Oct 23, 2026
Yimutian Inc. issued a $2.5 million senior unsecured convertible promissory note to an investor on October 23, 2026, as another additional closing under its December 2025 securities purchase agreement with up to $30 million of convertible notes. The new note bears 10% interest (19% upon default), matures October 23, 2027, and converts at $0.5378 per ADS or 90% of the lowest 10-day VWAP, subject to a $0.1076 floor price that steps down automatically every six months.
Key figures
- Debt Amount
- 2500000
- Interest Rate
- 10% per annum (rising to 19% upon Event of Default)
- Maturity Date
- 2027-10-23
- Ads Ratio
- each ADS = 6,000 Class A ordinary shares per 6-K narrative; note definitions reference 25 ordinary shares per ADS (deposit agreement)
- Floor Price
- $0.1076 per ADS
- Late Charge Rate
- 15% per annum
- Total Facility Size
- $30,000,000 aggregate principal under Securities Purchase Agreement
- Prior Tranches Drawn
- ["$3,370,000 (Initial Note, Dec 8 2025)","$1,500,000 (Second Note, Mar 25 2026)","$260,000 (First Additional Note, Jul 13 2026)","$933,333 (Second Additional Note, Sep 8 2026)"]
- Conversion Mechanism
- lower of $0.5378 conversion price and 90% of lowest 10-day VWAP (Market Price)
- Available Cash Covenant
- $500,000 minimum as of each six-month period end
- Beneficial Ownership Cap
- 4.99% (increaseable to 9.99%)
- Event Of Default Redemption Premium
- 125%
- Change Of Control Redemption Premium
- 120%
- Conversion Price Per Ads With Initial
- 0.5378
AI analysis
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