Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 603

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 5
Chunk 603
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 A.G.P.’s currently owed deferred commission payable. Refer to the Note 9 for additional
information. Unless earlier converted as specified in the Convertible Note, the principal amount, plus all accrued but unpaid interest,
is due on November 25, 2025 (the “Maturity Date”). The convertible promissory note accrues interest at 5.5% per annum.

    F-21

At
any time prior to the full payment of the convertible promissory note, provided that the A.G.P. has given at least three business
days written notice to the Company, A.G.P., in its sole discretion, may elect to have all or any portion of the outstanding
principal amount and all interest accrued converted into shares of the Company’s common stock, at a fixed price of $10.00
(or following any reverse splits that may occur in a ratio greater than 10 to 1, the lower of such reverse split price and the
market price per share at the time of the conversion date, but in no event less than $1.00),
subject to adjustment as provided therein and to take into account any future share splits or reverse splits. The
Company notes that the reverse split provision in the preceding sentence was tripped, effective January 25, 2025, following the 1-for-100 reverse stock split
that occurred on that date. However, the conversion of the convertible promissory note may not occur prior to the
Company having sufficiently authorized shares of common stock to permit the entire conversion of the convertible promissory note. In
addition, the conversion of the convertible promissory note may also not occur prior to receipt of stockholder approval to provide
for such conversion of the convertible promissory note, and subsequent issuance of the Company’s common stock, pursuant to the
stockholder approval rules under the rules and regulations of The Nasdaq Stock Market. Further, following the A.G.P.’s ability
to convert the convertible promissory note, if at all, A.G.P. will not be entitled to receive the Company’s common stock upon
conversion, if such conversion would result in A.G.P. owning greater than 9.99%
of the Company’s then currently outstanding common stock. A.G.P. is also entitled to resale registration rights as identified
in the convertible promissory note.

The
Company may prepay the convertible promissory note in whole or in part. In the event of certain Events of Default (as