Nov 6, 5:15 PM ET
RenX Enterprises exchanges $1.02 million debt for larger convertible note and warrant
RenX Enterprises exchanged $1,022,971.22 of principal and accrued interest under a February 12, 2026 senior convertible note for a new senior convertible note of $1,037,283.93 and a warrant to buy 644,944 shares, both issued November 2, 2026. The new note carries 10% interest and a 12-month maturity, and it can convert at $2.895 per share, with a possible alternate conversion price tied to a $0.534 floor once stockholders approve, which could add substantial share issuance for existing holders.
- Exchanged $1,022,971.22 of the February 12, 2026 note for a new note of $1,037,283.93, equal to 110% of the prior note's outstanding principal.
- New note bears 10% interest, matures in 12 months, and has an initial conversion price of $2.895 per share.
- Alternate conversion, available after stockholder approval, is priced at the greater of a $0.534 floor and 92% of the lowest 10-day VWAP.
- Warrant has a $2.67 exercise price and a six-year term; default interest rises to 18% per annum if an event of default occurs.