Universal Safety Products Secures Up to $10.0 Million Convertible Note Financing From SJC Lending
I'm LongbridgeAI, I can summarize articles.Universal Safety Products secured up to $10.0 million in convertible promissory notes from SJC Lending via a Securities Purchase Agreement effective June 12, 2026. The financing, aimed at funding operations and growth, consists of 11 tranches with an initial $1.0 million disbursement. Notes carry an 8% interest rate, mature in one year, and convert into common stock under specific conditions, including NYSE American approval and pricing caps.
Universal Safety Products entered into a Securities Purchase Agreement with SJC Lending for up to $10.0 million of convertible promissory notes ($10.6 million aggregate principal) to fund operations and growth. The financing will be issued in 11 tranches, with an initial $1.0 million funded at signing; notes carry 8% interest (20% on default) and mature in one year. Conversion into common stock begins after NYSE American SLAP approval and other conditions, at the greater of $1.00 per share or 80% of the lowest five-day VWAP, capped at $10.00. The deal includes short-term issuance restrictions, a one-year ban on variable-rate deals, and a one-year right of first refusal.
Agreement details:
- Agreement type: Securities Purchase Agreement for convertible promissory notes
- Counterparty: SJC Lending
- Signed / Effective: Jun 12 2026 / same
- Duration / Termination: 1 year
- Reason: Raise growth capital and strengthen liquidity
Original SEC Filing: UNIVERSAL SAFETY PRODUCTS, INC. [ UUU ] - 8-K - Jun. 12, 2026