Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 61

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 61
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2024 with the option for the Company to further extend the maturity date two times, each by
an additional 30-day period. The Company exercised both options to extend the maturity date to December 19, 2024. As of December 31,
2024, the March 2023 Convertible Note is still outstanding and considered to be in default. On March 6, 2025, the Company reached an agreement with the loan holder
to pay $0.7 million in order to settle the March 2023 Convertible Note in full. The Company repaid the loan holder the settlement amount
$0.7 million on March 13, 2025. Refer to Note 7 to our financial statements included elsewhere in this
Annual Report. 

A.G.P
Convertible Note

On
November 25, 2024, the Company issued to A.G.P. a convertible promissory note (the “A.G.P. Convertible Note”) in the principal
amount of $5.7 million to evidence the A.G.P.’s currently owed deferred commission payable. Unless earlier converted as specified
in the Convertible Note, the principal amount plus all accrued but unpaid interest is due on November 25, 2025 (the “Maturity Date”).
The A.G.P. Convertible Note accrues interest at 5.5% per annum.

At
any time prior to the full payment of the A.G.P. Convertible Note, provided that the A.G.P. has given at least three business days
written notice to the Company, A.G.P., in its sole discretion, may elect to have all or any portion of the outstanding principal amount
and all interest accrued converted into shares of the Company’s common stock, at the lower of the Reverse Split price and the market
price per share at the time of the conversion date, but in no event less than $1.00, subject to adjustment as provided therein and to
take into account any future share splits or reverse splits. However, the conversion of the A.G.P. Convertible Note may not occur
prior to the Company having sufficiently authorized shares of common stock to permit the entire conversion of the convertible promissory
note. Refer to Note 8 to our financial statements included elsewhere in this Annual Report. Per the terms outlined in the agreement, we are required to undertake capital raises to paydown the A.G.P. Convertible
Note.

August
2024 Nirland Note

On
August