Universal Safety Products agrees to sell up to $10 million in convertible notes to SJC
Universal Safety Products, Inc., a Maryland corporation, agreed on June 12, 2026 to sell up to $10.0 million of convertible promissory notes to SJC Lending LLC in eleven tranches, and issued the first note that day for $1,000,000. Conversion of the notes into more than 19.99% of common stock requires stockholder approval, and the notes convert at a discount to recent trading prices, so shareholders could face significant dilution. The filing names Universal Safety Products, not DeFi Capital Markets, and does not state the ticker DCM.
Key points
- First note issued June 12, 2026: $1,060,000 principal face amount for a $1,000,000 purchase price
- Further tranches tied to a registration statement, SEC effectiveness and eight monthly dates, subject to stockholder approval
- Conversion price is the greater of $1.00 or 80% of the lowest five-day VWAP, capped at $10.00 per share
- Notes bear 8% interest and mature one year after issuance; the company agreed not to issue new shares for 90 days
The filing
Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 12, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.