Ault Disruptive Technologies Corp - 10K if anyone
Post# of 32636
(Total Views: 392)
Posted On: 05/06/2022 12:57:41 PM
Ault Disruptive Technologies Corp - 10K if anyone cares to read
https://sec.report/Document/0001214659-22-005336/
They are definitely in the acquiring business but haven't yet.
The 13G didn't have ADRT but the surrounding players...
BitNile Holdings, Inc. - 5,333,334
Digital Power Lending, LLC, - 5,333,334
Milton C. Ault, III - 5,333,334
Kenneth S. Cragun - 259,590
but red, where does Digital Power Lending, LLC fit in?
"Digital Power Lending, LLC ("DPL"
is a wholly-owned subsidiary of BitNile. Mr. Ault, the Executive Chairman of BitNile, is deemed to have voting and investment power with respect to the securities held of record by DPL."
That Mr. Cragun is is smart cookie...
"Mr. Cragun’s industry experience is vast with extensive experience in fast-growth environments and building teams in more than 20 countries. Mr. Cragun has led multiple financing transactions, including IPOs, PIPEs, convertible debt, term loans, and lines of credit. For these reasons, we believe that he will provide additional breadth and depth to our board of directors."
Rory did say one more thing but someone else can verify if I'm remember correctly. Was going to pay off the notes or debt? I thought I remember June?
Why June? What's happening in June? Not due for another 8 months. Where's the money coming from? Or maybe I heard wrong? Things can change of course as well.
Debt financing:
"On January 12, 2022, we also entered into a securities purchase agreement with three institutional investors (collectively, the “Note Holders”) providing for the sale and issuance of an aggregate original principal amount of $6,300,000 in convertible notes due 2023 (each, a “Note,” and, collectively, the “Notes,” and such financing, the “Note Offering”). We and the Note Holders also entered into a security agreement, dated January 12, 2022, in connection with the Note Offering, pursuant to which we granted a security interest to the Note Holders in substantially all of its assets.
We received $6,000,000 in gross proceeds from the sale of the Notes. The Note Offering closed on January 12, 2022. The Notes bear interest of 6.0% per annum, have an original issue discount of 5.0%, mature 12 months from the closing date, and have an initial conversion price of $3.00, subject to adjustment in certain circumstances as set forth in the Notes.
Beginning on May 12, 2022, we are required to make nine monthly principal payments of $333,333, plus accrued interest, to the Note Holders, with the remaining principal amount of $3,300,000, plus accrued interest, due on the maturity date."
https://sec.report/Document/0001214659-22-005336/
They are definitely in the acquiring business but haven't yet.
The 13G didn't have ADRT but the surrounding players...
BitNile Holdings, Inc. - 5,333,334
Digital Power Lending, LLC, - 5,333,334
Milton C. Ault, III - 5,333,334
Kenneth S. Cragun - 259,590
but red, where does Digital Power Lending, LLC fit in?
"Digital Power Lending, LLC ("DPL"
is a wholly-owned subsidiary of BitNile. Mr. Ault, the Executive Chairman of BitNile, is deemed to have voting and investment power with respect to the securities held of record by DPL." That Mr. Cragun is is smart cookie...
"Mr. Cragun’s industry experience is vast with extensive experience in fast-growth environments and building teams in more than 20 countries. Mr. Cragun has led multiple financing transactions, including IPOs, PIPEs, convertible debt, term loans, and lines of credit. For these reasons, we believe that he will provide additional breadth and depth to our board of directors."
Rory did say one more thing but someone else can verify if I'm remember correctly. Was going to pay off the notes or debt? I thought I remember June?
Why June? What's happening in June? Not due for another 8 months. Where's the money coming from? Or maybe I heard wrong? Things can change of course as well.
Debt financing:
"On January 12, 2022, we also entered into a securities purchase agreement with three institutional investors (collectively, the “Note Holders”) providing for the sale and issuance of an aggregate original principal amount of $6,300,000 in convertible notes due 2023 (each, a “Note,” and, collectively, the “Notes,” and such financing, the “Note Offering”). We and the Note Holders also entered into a security agreement, dated January 12, 2022, in connection with the Note Offering, pursuant to which we granted a security interest to the Note Holders in substantially all of its assets.
We received $6,000,000 in gross proceeds from the sale of the Notes. The Note Offering closed on January 12, 2022. The Notes bear interest of 6.0% per annum, have an original issue discount of 5.0%, mature 12 months from the closing date, and have an initial conversion price of $3.00, subject to adjustment in certain circumstances as set forth in the Notes.
Beginning on May 12, 2022, we are required to make nine monthly principal payments of $333,333, plus accrued interest, to the Note Holders, with the remaining principal amount of $3,300,000, plus accrued interest, due on the maturity date."
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