Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 195

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 195
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 common stock
of the Company, $0.1 million was converted on December 12, 2024, while the remaining $1.6 million was converted between January 13,
2025 and February 10, 2025. On February 13, 2025, the Company paid the remaining outstanding portion of the August 2024
Nirland Note, approximately $0.9
million, and, accordingly, satisfied all of its obligations in all respects to Nirland. As a result of satisfying its obligations under the
August 2024 Nirland Note, all of the Company’s assets are once again free and clear of any liens, security interests or
encumbrances.

March 2023 Convertible Note
Repayment

On March 13, 2025,
the Company fully repaid its outstanding March 2023 Convertible Note. The Company notes that the note holder agreed on March 6, 2025
to reduce the principal from $0.8
million to $0.7
million. This payment settled all obligations under the March 2023 Convertible Note. The March 2023 Convertible Note Repayment was considered
to be in default until payment on March 13, 2025.

Nasdaq Stock
Market Correspondence and Subsequent Nasdaq Capital Market Listing

On
February 11, 2025, the Company presented its plan of compliance to The Nasdaq Stock Market LLC Hearing Panel (the “Panel”)
and requested an extension of time to achieve compliance with Nasdaq Listing Rules, the Minimum Bid Price (“Bid Price”),
Market Value of Publicly Held Shares (“MVPHS”) and Market Value of Listed Securities (“MVLS”) rules, respectively.

On
March 5, 2025, the Company received a written notification from the Panel confirming it has granted the Company such an extension for
the Company to regain compliance with the MVPHS and MVLS rules, provided that the Company, (i) on or before March 12, 2025, files an
application to transfer to the Nasdaq Capital Market, which application was submitted on March 7, 2025, and (ii) on or before March 31,
2025, demonstrates compliance with all Nasdaq listing rules, which it intends to do. Additionally, the Company was also notified in the
Notice that as of February 26, 2025, it had regained compliance with the Bid Price rule. The