Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 22

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 22
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.G.P.

The
Company determined the fair value of the A.G.P. Convertible Note to be $3.4 million as of November 25, 2024 through the use of a binomial
lattice model. See Note 2 for additional information regarding the fair value measurement of the A.G.P Convertible Note. As of December
31, 2024, $6.1 million of principal and accrued interest remained outstanding and the A.G.P. Convertible Note had a fair value of $3.0
million.

On
March 31, 2025, A.G.P. exercised their conversion option and converted $0.4 million of principal and interest in exchange for 3,583 shares
of Common Stock. As of March 31, 2025, the Company’s Common Stock price was trading below the Conversion Price Floor. For the purpose
of the March 31, 2025 conversion, the Company waived the Conversion Price Floor and allowed A.G.P. to convert at the prior trading days
closing stock price. Upon conversion, the Company recorded a $0.2 million loss on the change in fair value based on the difference between
(i) the fair value of the Common Stock issued and (ii) the percentage of total principal and interest converted (6.54%), multiplied by
the December 31, 2024 valuation of $3.0 million.

On
April 11, 2025, April 16, 2025, June 2, 2025, June 17, 2025, June 26, 2025 and September 29, 2025, the holder of the A.G.P.
Convertible Note converted $0.5
million, $0.8
million, $0.1
million, $0.2
million, $0.2
million and $0.3
million of principal and interest into 3,583, 8,878, 5,000, 11,250, 12,500
and 60,000 shares of the Company’s Common Stock, respectively. As of April 16, 2025, the Company’s Common Stock price
was trading below the Conversion Price Floor. For the purpose of the April 16, 2025 conversion, the Company waived the Conversion
Price Floor and allowed A.G.P. to convert at the April 16, 2025 closing stock price.

On
September 30, 2025