Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 995

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9C
Chunk 995
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2.4 million was recorded
as of November 25, 2024, consisting of (i) the derecognition of the $5.7 million deferred commission payable and (ii) recognition of
the $3.4 million fair value of the A.G.P. Convertible Note. For the year ended December 31, 2024, the Company recorded a $0.5 million
gain in the change in fair value of the A.G.P. Convertible Note and interest expense of approximately $32 thousand. The $2.4 million
gain on extinguishment and $0.5 million gain on the change in fair value are presented within other income (expense), net, while the
$32 thousand of interest expense is presented within Interest expense, net, in the consolidated statement of operations and comprehensive
income (loss).

8.
Loans Payable

Loans

On
May 1, 2022, the Company entered into Loan Agreements (the “Loans”) with two lenders, totaling $0.2 million. The Loans
mature two years from the date of the agreement and bear no interest. Each loan was made available to the Company by the lenders in
three tranches of (i) $33 thousand (£30 thousand); (ii) $33 thousand (£30 thousand) and (iii) $28 thousand (£25
thousand), totaling $0.2 million. The Loans provided for events of default, including, among others, failure to make payment,
bankruptcy and non-compliance with the terms of the Loans. As of December 31, 2024, the Company utilized all three tranches of the
first loan and two out of three tranches of the second loan, with loans payable totaling $0.2 million at December 31, 2023 and
December 31, 2024 respectively.

    F-22

On
October 9, 2024, the Company and the Loans holders amended the loan agreements (the “Loans Amendment”) to extend the maturity
date for the Loans to December 19, 2024. The Loans Amendment also modified the payment terms for the Loans from a cash payment of
£85,000 per loan to (1) a cash payment of £60,000, (2) £25,000 worth of shares of Common Stock converted
into USD at the prevailing exchange rate, to be issued at the closing market price on the date prior to issuance,