Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 99

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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 Note to be $3.4 million as of November 25, 2024 through the use of a binomial
lattice model. See Note 2 for additional information regarding the fair value measurement of the A.G.P Convertible Note. As
of December 31, 2024, $6.1 million of principal and accrued interest remained outstanding and the A.G.P. Convertible Note had a fair
value of $3.0 million.

On
March 31, 2025, A.G.P. exercised their conversion option and converted $0.4 million of principal and interest in exchange for 28,667
shares of Common Stock. As of March 31, 2025, the Company’s Common Stock price was trading below the Conversion Price Floor. For
the purpose of the March 31, 2025 conversion, the Company waived the Conversion Price Floor and allowed A.G.P. to convert at the prior
trading days closing stock price. Upon conversion, the Company recorded a $0.2 million loss on the change in fair value based on the
difference between (i) the fair value of the Common Stock issued and (ii) the percentage of total principal and interest converted (6.54%),
multiplied by the December 31, 2024 valuation of $3.0 million.

On
April 11, 2025, April 16, 2025, June 2, 2025, June 17, 2025, and June 26, 2025, the holder of the A.G.P. Convertible Note converted $0.5
million, $0.8 million, $0.1 million, $0.2 million, and $0.2 million of principal and interest into 28,666, 71,026, 40,000, 90,000, and
100,000 shares of the Company’s Common Stock, respectively. As of April 16, 2025, the Company’s Common Stock price was trading
below the Conversion Price Floor. For the purpose of the April 16, 2025 conversion, the Company waived the Conversion Price Floor and
allowed A.G.P. to convert at the April 16, 2025 closing stock price.

On
June 30, 2025, the Company remeasured the fair value of the A.G.P. Convertible Note through the use of a binomial lattice model and calculated
a fair value of approximately