Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 342

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 342
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Repayment

On February 7, 2025,
the Company fully repaid its outstanding October 2024 Nirland Note to Nirland Limited in the principal amount of $600,000.
This payment settled all obligations under the October 2024 Nirland Note.

With
respect to the August 2024 Nirland Note, the Lender converted approximately $1.7 million
of the original principal amount of $2,650,000 under
into shares of common stock of the Company. Of the $1.7 million of original principal that was converted into shares of 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