Nature's Miracle Holding secures $181,700 convertible note

Published 16/08/2024, 21:56
Nature's Miracle Holding secures $181,700 convertible note

Nature's Miracle Holding Inc. (NASDAQ:NMHI), a company specializing in farm machinery and equipment, has announced its entry into a securities purchase agreement with an investor for a convertible promissory note totaling $181,700. The agreement, which includes an original issue discount of $23,700, was finalized on Monday, with the closing of the offering following on Tuesday.

The note carries a one-time interest charge of 12% and stipulates a repayment schedule of ten monthly installments beginning on September 15, 2024. Each payment will amount to $20,350.40, leading to a total repayment of $203,504.00 to the purchaser.

In case of default, the note will become immediately payable, and Nature's Miracle Holding will be required to pay the investor an amount equal to 150% of the sum of outstanding principal, unpaid interest, any default interest at an annual rate of 22%, and any other amounts due under the conversion rights.

Furthermore, in the event of default, the investor has the option to convert the outstanding principal into restricted shares of the company's common stock at a 25% discount to the market price. However, the investor has agreed to limit their ownership to less than 4.99% of the total outstanding common stock.

Nature's Miracle Holding has committed to reserving four times the number of shares that could potentially be issued upon conversion of the note.

In other recent news, Nature's Miracle Holdings Inc. has been actively reshaping its business landscape. The company has announced a significant executive transition, with Chief Operating Officer Darin Carpenter stepping down and transitioning to a consulting role. Furthermore, Nature's Miracle has successfully concluded a $180,000 convertible note, effectively resolving a substantial financial obligation.

In terms of revenue generation, the company has secured a $5.1 million sales agreement with What Rebates LLC for its Efinity brand grow lights, anticipated to significantly boost gross revenue in late 2024. Additionally, a $2.4 million purchase order for Efinity LED grow lights from a leading indoor grower in California is expected to enhance the company's fourth-quarter revenue for 2024.

The company has also entered into an exclusive distribution agreement with Vaighai Agro Products Ltd. to distribute Gro-Med Coco Coir Substrate products across the U.S. However, in a strategic shift, Nature's Miracle and Agrify Corporation have mutually agreed to terminate their merger plans due to unfavorable market conditions. These are the recent developments in the company's operations.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.