Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q/A
Source: 0001641172-25-024123
Chunk: 27

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q/A
Chunk 27
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 and converted $ 0.1million of principal for 23,000shares of common stock pursuant to the rules and regulations of the Nasdaq. As of December 31, 2024, $ 2.6million of principal and accrued interest remained outstanding and the August 2024 Nirland Note had a fair value of $ 2.8million.

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During January and February 2025, Nirland exercised their conversion option and converted $ 1.8million of principal in exchange for 901,200shares of common stock. In total the Company issued common stock with a fair value of $ 3.7million based on the closing stock price on each conversion date and recorded a loss on the change in fair value of $ 1.9million, calculated as the difference between the fair value of the shares issued and the portion of principal and interest settled. On February 12, 2025, the Company repaid the remaining unpaid principal and interest of $ 0.9million in cash and recorded a gain on extinguishment of $ 0.1million, calculated as the difference between the remaining fair value of August 2024 Nirland Note, less the amount of cash paid. As of March 31, 2025, noobligations remained under the August 2024 Nirland Note.

For the three months ended March 31, 2025, the Company recorded $ 24,000of interest expense, presented within Interest expense, net, in the condensed consolidated statement of operations and comprehensive loss.

A.G.P. Convertible Note

On November 25, 2024, the Company issued to A.G.P. the “A.G.P. Convertible Note in the principal amount of $ 5.7million to evidence A.G.P.’s currently owed deferred commission payable. Refer to Note 7 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.

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