Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q/A
Source: 0001641172-25-024123
Chunk: 31

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q/A
Chunk 31
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 Nirland Note”) to Nirland, a related party, in the original principal amount of $ 0.6million in exchange for funds in such amount. See Note 17 for further reference to the relationship between the Company and Nirland. The October 2024 Nirland Note bore interest at a rate of 12% per annum, was due and payable semi-annually in arrears, and was scheduled to mature on October 31, 2025. If an event of default under and as defined in the October 2024 Nirland Note occurs, the interest rate would have been be increased to 18% per annum or to the maximum rate permitted by law. In connection with the October 2024 Nirland Note, the Company has agreed to pay Nirland a 1% arrangement fee, which was included with the principal and interest owed under the October 2024 Nirland Note. The 1% arrangement fee is accounted for as a debt discount and was amortized to interest expense, net in the consolidated statement of operations and comprehensive income (loss) using the effective interest method over the life of the October 2024 Nirland Note.

| 17 |

On December 11, 2024, the Company reduced the exercise price of the PIPE Warrants held by Nirland to $ 8.83, at which time all PIPE Warrants were exercised. The Company received approximately $ 0.2million of proceeds from the exercise of the Warrants, all of which were used to pay down the October 2024 Nirland Note.

The Company repaid principal and interest of $ 0.1million, $ 0.2million, and $ 0.1million on January 14, 2025, January, 31, 2025, and February 7, 2025, respectively. As of March 31, 2025, noobligations remain under the October 2024 Nirland Note.

During the three months ended March 31, 2025, the Company recorded approximately $ 8,000of interest expense.

7. Deferred Commission Payable

A.G.P was a financial advisor to both MURF and Old Conduit in connection with the Merger transaction. Upon the completion of the Merger, A.G.P.: (i) received a cash fee of $ 6.5million, 13,000shares of Common Stock, and warrants to purchase 540shares of Common Stock at an exercise price of $