Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 106

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 106
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 (“Corvus Capital”) received 311,484 shares of our common stock, pursuant to the terms of the Merger
Agreement, following the completion of the Business Combination. As of December 31, 2024, Corvus Capital owned 300,484 shares of our
Common Stock directly and 1,776 shares of our Common Stock through its wholly-owned subsidiary Algo Holdings, Inc., or in the
aggregate approximately 21.8% of the then outstanding shares of our Common Stock. Dr. Andrew Regan, the Chief Executive Officer of
Corvus Capital and 100% ultimate beneficial owner, is also a member of our board of directors.

87

August
2024 Nirland Note

On
August 6, 2024, the Company entered into a Senior Secured Promissory Note (the “August 2024 Nirland Note”) with Nirland,
a related party of the Company, pursuant to which the Company issued and sold to Nirland the August 2024 Note in the original principal
amount of $2,650,000, inclusive of a $500,000 original issuance discount. Refer to Note 7 for additional details.

On
October 31, 2024, the Company and Nirland amended the August 2024 Nirland Note, whereby the August 2024 Nirland Note was amended to (i)
provide for the conversion of the August 2024 Nirland Note into shares of Common Stock, at Nirland’s discretion, in a multiple
of any unpaid amounts, if not otherwise previously paid, pursuant to the conversion rate contained therein, (ii) remove Nirland’s
Mandatory Prepayment Right, and (iii) remove Nirland’s right of first refusal to participate in any future equity or debt offerings
of the Company. The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant to shall be determined
by dividing (x) such conversion amount by (y) the conversion price. Conversion amount means two and one quarter times the sum of (x)
portion of the principal to be converted, redeemed or otherwise with respect to which this determination is being made and (y) all accrued
and unpaid interest with respect to such portion of the principal amount, if any. Conversion price means, as of any conversion date or
other date of determination, $10, subject to adjustment as provided within the amended agreement.

October 2024 Nirland Note

On October 28, 2024,