Applife Digital Solutions enters agreements for up to $15 million in financing

Applife Digital Solutions Inc. (OTC:ALDS) disclosed Tuesday that it has entered into several financing agreements, including a commitment for up to $15 million in equity purchases and the issuance of multiple convertible promissory notes, according to a statement based on a recent SEC filing.

On November 19, the company issued two convertible promissory notes to separate investors, each with a principal amount of $60,000. These notes included a $6,000 original issue discount, resulting in a purchase price of $54,000 per note. Both notes carry a one-time interest charge of 12% ($7,200) and mature 12 months after issuance. The notes may be converted into shares of Applife Digital Solutions’ common stock at a price equal to 65% of the lowest traded price during the 10 trading days preceding the conversion date, with a 4.99% beneficial ownership limitation.

On November 20, the company issued another convertible promissory note for $150,000, due August 20, 2026, with an interest rate of 5%. This note is convertible into common stock at $0.01 per share, subject to adjustment as outlined in the agreement.

On Tuesday, Applife Digital Solutions issued an additional convertible promissory note with the same terms as the November 19 notes: a $60,000 principal, $6,000 original issue discount, $54,000 purchase price, a one-time 12% interest charge, and a 12-month maturity.

Also on November 20, the company entered into a purchase agreement with a selling stockholder, CM, allowing Applife Digital Solutions to sell up to $15 million of its common stock, subject to certain limitations including a 4.99% beneficial ownership cap for CM. The agreement allows the company to direct CM to purchase shares at 95% of the lower of recent market prices, with a daily purchase limit of $100,000. The board of directors approved this agreement on November 20.

In connection with the equity purchase agreement, the company issued a $225,000 convertible note to CM as a commitment fee and entered into a registration rights agreement to register the resale of shares.

All information is based on a press release statement and the company’s recent SEC filing.

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