Company: MFON
Filing Date: 2025-08-01
Form Type: PRE 14A
Source: 0001140361-25-028385
Chunk: 63

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-08-01
Form: PRE 14A
Chunk 63
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 which was obtained through a convertible note offering that was completed on July 31, 2025 (see below).

Convertible Note Offering

On July 31, 2025, the Company entered into a convertible promissory note purchase agreement (the “Agreement”) with two accredited investors and/or their affiliates, Thomas B. Akin, a member of the Company’s Board of Directors (“Board”), and Bruce E. Terker, an owner of 5% or more of the outstanding shares of the Company’s common stock, $0.001 par value (collectively, the “Investors”). Pursuant to the Agreement, the Company received $3.35 million in proceeds and issued senior secured convertible promissory notes (each a “Convertible Note” and collectively, the “Convertible Notes”) in the aggregate principal amount of $3.35 million. The Convertible Notes were issued as part of a convertible note offering authorized by the Special Committee to raise up to $3.35 million from the issuance of Convertible Notes (the “Offering”). Messrs. Akin and Terker invested $1.85 million and $1.5 million, respectively, in the Offering. The Company will use the proceeds from the sale of the Convertible Notes for working capital for general corporate purposes and for the proposed Reverse Stock Split.

The Convertible Notes have a stated maturity date of July 31, 2028, bear interest at a simple rate equal to 15% per annum until conversion or repayment. Accrued interest on the Convertible Notes will be payable quarterly in Common Stock based on the VWAP of the Company’s common stock quoted on the OTCQB ® Venture Market operated by OTC Markets Group Inc. over the 90 trading days as of the last day of the applicable quarter.

The Convertible Notes may be optionally converted at the written election of the Investor to have all or part of the outstanding principal and/or accrued but unpaid interest under the applicable Convertible Note into shares of the Company’s common stock at a conversion price equal to 90% of the VWAP of the Company’s publicly traded common stock on the date of conversion, if the Company is publicly listed, or if the Company is not publicly traded, the conversion price shall be 90% of the VWAP on announcement date of the Corporate Transaction (as described below) (collectively, the “Conversion Price”).

The outstanding principal and accrued but unpaid interest on Convertible Notes will automatically convert into common stock at the Conversion Price in the event