’Reddit is built for this moment’ - Stock soars on crushed earnings
NFiniTi inc., a $129.4 million market cap company specializing in oil and gas field exploration services, announced on Monday that it has entered into a material definitive agreement by issuing a Convertible Promissory Note to RH2 Equity Partners. According to InvestingPro data, the company’s stock has declined 5% year-to-date, reflecting ongoing operational challenges. The note, with a principal amount of $1 million, was issued on May 20, 2025, and carries an interest rate of 15% per annum, maturing on May 20, 2026.
The agreement allows RH2 Equity Partners to convert the outstanding principal and accrued interest into shares of NFiniTi’s common stock at a price equivalent to 75% of the common stock’s lowest average daily trading price over the 30 days prior to the conversion date. This conversion is subject to a Beneficial Ownership Limitation of 4.99%, which can be raised to 9.99% with prior notice.
NFiniTi inc. has committed to filing a registration statement to facilitate the conversion of the note into shares and to ensure a sufficient number of shares are reserved for this purpose. The company has also agreed to certain covenants, including maintaining its corporate existence and SEC reporting requirements, as well as granting a right of first refusal to RH2 Equity Partners for future debt or equity offerings for a period of 12 months.
In case of a default, the note will become immediately due and the interest rate will increase to 18% per annum. The issuance of this note was made in reliance on exemptions from registration under the Securities Act of 1933. As NFiniTi inc. is currently classified as a "shell company," the availability of Rule 144 for the resale of shares issuable upon conversion is subject to specific conditions.
This financial move is based on a press release statement and is aimed at providing the company with additional capital. The details of the note are outlined in the Exhibit 10.3 of the Current Report on Form 8-K filed with the SEC. InvestingPro analysis reveals concerning fundamentals, including weak gross profit margins and poor free cash flow yield. The company maintains a Fair financial health score of 2.34, suggesting potential risks that investors should monitor. For detailed financial analysis and additional insights, subscribers can access more than 10 exclusive ProTips on the InvestingPro platform.
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