Company: MFON
Filing Date: 2025-03-18
Form Type: 8-K
Source: 0001493152-25-010800
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Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-03-18
Form: 8-K
Item: Item 1.01
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Item       Entry                                  

On
March 17, 2025, Mobivity Holdings Corp. (the “ Company”) entered into a convertible promissory note purchase agreement (the
“ Agreement”) with four accredited investors, including Thomas B. Akin, a member of the Company’s Board of Directors (“ Board”),
and Bruce E. Terker, an owner of 5% or more of the outstanding shares of the Company’s common stock, $0.001 par value (“ Common
Stock”), who each participated on the same terms as the other accredited investors (collectively, the “ Investors”).
Pursuant to the Agreement, the Company received $2.0 million in proceeds and issued unsecured convertible promissory notes (each a “ Convertible
Note” and collectively, the “ Convertible Notes”) in the aggregate principal amount of $2.0 million. The Convertible
Notes were issued as part of a convertible note offering authorized by the Company’s board of directors (the “ Offering”)
to raise up to $3.0 million from the issuance of Convertible Notes. Messrs. Akin and Terker invested $75,000 and $1.5 million, respectively,
in the Offering. The Company will use the proceeds from the sale of the Convertible Notes to continue to ramp up growth of Connected
Rewards and for working capital for general corporate purposes.

The
Convertible Notes have a stated maturity date of December 30, 2027, bear interest at a simple rate equal to 15% per annum until conversion,
and automatically convert into the same equity securities issued for cash in the Qualified Financing, or at the option of the Investors,
into the same equity securities issued for cash in a Corporate Transaction, each as described below. Interest on the Convertible Notes
will be accreted and added to the unpaid principal balance prior to conversion.

The
Convertible Notes will convert into the same equity securities offered in the Qualified Financing (“ Conversion Shares”),
as described below, at a conversion price equal to the volume-weighted average price of the Common Stock quoted on the OTCQB® Venture
Market operated by OTC Markets Group Inc. over the 90 trading days immediately preceding such date (the “ Conversion Price”).
Under the Convertible Note, a “ Qualified Financing” means the first transaction or series of related transactions in which
the Company (i) sells any of its equity securities, (ii) receives a cash infusion related to the negotiation of, or entering into,