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Zapata Quantum, Inc. (NASDAQ:ZPTA) disclosed on Tuesday that it entered into a forbearance agreement with a third-party creditor on October 22. According to a press release statement, the agreement addresses $1,583,464 in outstanding invoices by extinguishing and replacing the amount with a contingent obligation, which becomes payable upon certain specified events. The creditor has agreed to temporarily forbear collection of the remaining outstanding amount, with unpaid portions accruing a late charge of 0.8% per month starting May 1, 2025.
The company also reported unregistered sales of equity securities. Between October 22 and Tuesday, Zapata Quantum entered into securities purchase agreements with accredited investors, selling 5,000 shares of Series A Convertible Preferred Stock at $100 per share, resulting in total gross proceeds of $500,000. These transactions were conducted under exemptions provided by Section 4(a)(2) of the Securities Act of 1933 and Rule 506(b).
On October 23, Zapata Quantum filed a Certificate of Designations with the Delaware Secretary of State, authorizing the issuance of up to 15,000 shares of Series A Convertible Preferred Stock. Each share of Series A is convertible into 1,000 shares of common stock at the holder’s election, subject to certain adjustments and ownership limitations. Series A shares are entitled to vote with common stock on an as-converted basis and rank senior to all other capital stock with respect to payments upon liquidation, dissolution, or winding up of the company.
The information in this article is based on a statement from a recent SEC filing.
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