Company: ORBS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011052
Chunk: 13

Company: Eightco Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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itor Agreement (the “Intercreditor Agreement”) with the lenders party thereto and the collateral agent for such
lenders. As of the date of this filing, a total of $0 has been committed by the lender.

May
2023 Debt Exchange

On
May 30, 2023, the Borrower entered into a Debt Exchange Agreement (the “Debt Agreement”) with two Lenders for funds advanced
to the Borrower pursuant to secured promissory notes (the “Old Notes”), executed by the Borrower in favor of the Lenders
during 2021. Under the terms of the Debt Agreement, the Old Notes were exchanged for new Notes (“New Notes”) as per the terms
of the Loan and Security Agreement dated May 30, 2023. The principal of the New Notes issued under the Debt Agreement is $1,650,000.

March
2023 Offering

On
March 15, 2023, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Hudson
Bay Master Fund Ltd. (“Hudson Bay”) for the issuance and sale of a Senior Secured Convertible Note with an initial principal
amount of $5,555,000 (the “Hudson Note”) at a conversion price of $6.245 per share of the Company’s common stock, and
a warrant (the “Hudson Warrant”) to purchase up to 889,512 shares of Common Stock with an initial exercise price of $6.245
per share of Common Stock (the “Private Placement”). The purchase price of the Hudson Note and the Hudson Warrant is $5 million.

The
entire outstanding principal balance on the Hudson Note and any outstanding fees or interest was due and payable in full on January 15,
2024 (“Maturity Date”). The Hudson Note did not bear interest, provided, however, that the Hudson Note would bear interest
at 18% per annum upon the occurrence of an event of default. The Hudson Note was paid in full on February 26, 2024. Additionally, the
Company redeemed all of the Hudson Warrants for $660,000 on October 23, 2023. Palladium Capital Group, LLC acted as placement agent for
the Private Placement. For the acting as placement agent in the Private Placement, the Placement Agent received (i) cash compensation
of $400,000 (8% of the gross proceeds to the Company) and (ii) a warrant to purchase