Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 210

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 210
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 subject to adjustment as provided therein and to
take into account any future share splits or reverse splits. However, the conversion of the A.G.P. Convertible 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. Refer to Note 8 to our financial statements included elsewhere in this Annual Report. Per the terms outlined in the agreement, we are required to undertake capital raises to paydown the A.G.P. Convertible
Note.

August
2024 Nirland Note

On
August 6, 2024, the Company entered into a Senior Secured Promissory Note (the “August 2024 Nirland Note”) with Nirland,
a related party of the Company, pursuant to which the Company issued and sold to Nirland the August 2024 Note in the original principal
amount of $2,650,000, inclusive of a $500,000 original issuance discount. Refer to Note 8 to our financial statements included elsewhere
in this Annual Report.

On
October 31, 2024, the Company and Nirland amended the August 2024 Nirland Note, whereby the August 2024 Nirland Note was amended to (i)
provide for the conversion of the August 2024 Nirland Note into shares of Common Stock, at Nirland’s discretion, in a multiple
of any unpaid amounts, if not otherwise previously paid, pursuant to the conversion rate contained therein, (ii) remove Nirland’s
Mandatory Prepayment Right, and (iii) remove Nirland’s right of first refusal to participate in any future equity or debt offerings
of the Company. The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant to shall be determined
by dividing (x) such conversion amount by (y) the conversion price. Conversion amount means two and one quarter times the sum of (x)
portion of the principal to be converted, redeemed or otherwise with respect to which this determination is being made and (y) all accrued
and unpaid interest with respect to such portion of the principal amount, if any. Conversion price means, as of any conversion date or
other date of determination, $10, subject to adjustment as provided within the amended agreement. Note 7 to our financial statements
included elsewhere in this Annual Report.

On
November 22, 2024, the Company and Nirland entered into a Second Amendment to the August 2024 Nir