UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
Financing Agreements - FY2025 Bridge Notes
The Company entered into Senior Secured 5% Original Issue Discount Promissory Notes with three (3) of its institutional investors for gross proceeds of $75,000 on May 19, 2025, funded on May 20, 2025 (“Notes”). The Notes are issued with an original issue discount (OID) of five percent (5%), bear no interest on the unpaid principal balance of Notes unless and until an event of default has occurred and in the event of default, accrue interest at a rate equal to 15% or, if less, the highest amount permitted by law payable from and after the occurrence and during the continuance of any event of default until the event of default is cured, and have a twelve (12) month term. The total face value of the Notes in aggregate is $78,750. An event of default includes, among others, failure to pay the debt on maturity date, breach of representation or warranty, occurrence of a material adverse event, failure to comply with reporting obligations with the Securities and Exchange Commission, or the loss of trading of Company’s common stock on the OTC Markets. In the event of default, the Notes are convertible at the election of the noteholder, into common stock of the Company.
This description does not fully describe the terms of the Notes and is qualified in its entirety by the form of agreement attached hereto as Exhibit 10.1
Item 3.02 Unregistered Sales of Equity Securities.
The disclosure made under Item 1.01 above is incorporated herein by reference. The Company issued the Notes to accredited Institutional investors in a transaction not involving a public offering pursuant to section 4(a)(2) of the United States Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
Exhibits | Description | |
10.1 | Form of Senior Secured 5% Original Issue Discount Promissory Note | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 23, 2025 | MITESCO, INC. | |
By: | /s/ Mack Leath | |
Mack Leath | ||
Chairman and CEO |
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