Black Titan converts $1.5M note into 2.9M shares
Black Titan Corp (BTTC) reports that its senior unsecured convertible note issued to an institutional investor has been fully converted into 2,924,082 ordinary shares, eliminating the note.
Rhea-AI Filing Summary
Black Titan Corp (BTTC) reports that its senior unsecured convertible note issued to an institutional investor has been fully converted into 2,924,082 ordinary shares, eliminating the note. The note was originally issued on January 16, 2026 with $1,515,000 principal (including $15,000 in fees) at a purchase price of $1,350,000, reflecting a 10% original issue discount. It was issued under a Securities Purchase Agreement permitting senior unsecured convertible notes of up to $200,000,000 in aggregate principal, with the option to issue additional notes through January 16, 2029. Black Titan states that no additional notes have been issued under this agreement and that, after conversions carried out between May 2026 and August 20, 2026, the note is fully satisfied with no remaining principal, interest or other amounts outstanding.
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Key Figures
Shares issued on conversion: 2,924,082 ordinary shares
Original principal amount of note: $1,515,000
Purchase price of note: $1,350,000
+4 more
7 metrics
Shares issued on conversion
2,924,082 ordinary shares
Aggregate shares issued upon full conversion of the senior unsecured convertible note
Original principal amount of note
$1,515,000
Principal of the senior unsecured convertible note issued January 16, 2026, including $15,000 in fees
Purchase price of note
$1,350,000
Amount paid by the institutional investor for the note
Original issue discount
10%
Discount of the purchase price to the $1,515,000 principal amount
Note program capacity
$200,000,000
Maximum aggregate principal for senior unsecured convertible notes under the Securities Purchase Agreement
Conversion period end date
August 20, 2026
Date of final conversion tranche that satisfied the note in full
Program availability end date
January 16, 2029
Date through which Black Titan may issue additional notes under the Securities Purchase Agreement
Key Terms
senior unsecured convertible note, original issue discount, Securities Purchase Agreement, forward-looking statements, +1 more
5 terms
senior unsecured convertible note financial
"the senior unsecured convertible note issued to an institutional investor"
A senior unsecured convertible note is a loan a company issues that ranks high in repayment order but has no specific assets pledged as collateral and can be changed into company shares under set terms. For investors it matters because it combines regular interest and relative safety in a default with the upside of becoming stock — like holding a high-priority IOU that can be flipped into ownership, affecting both credit risk and potential dilution.
original issue discount financial
"reflecting a 10% original issue discount to the principal of the Note"
Original issue discount (OID) is the difference between a debt security’s face value and the lower price at which it is first sold, treated as additional interest that accrues over the life of the instrument. For investors it matters because OID raises the effective yield and changes taxable income and the holding’s cost basis over time — think of buying a $100 voucher for $90 and recognizing the $10 gain as earned interest as the voucher approaches maturity.
Securities Purchase Agreement financial
"issued pursuant to a Securities Purchase Agreement between the Company and the institutional investor"
A securities purchase agreement is a written contract between a buyer and a seller outlining the terms for buying or selling financial assets such as stocks or bonds. It specifies details like the price, quantity, and conditions of the transaction, similar to a shopping list with agreed-upon terms. For investors, it provides clarity and legal protection when transferring ownership of these financial instruments.
forward-looking statements regulatory
"This press release contains “forward-looking statements” within the meaning of the"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
human capital management technical
"a provider of human capital management (“HCM”) and enterprise resource planning"
Human capital management is a company’s system for recruiting, training, organizing, paying and retaining its workforce—like running a sports team or orchestra to ensure the right people with the right skills are in the right roles. Investors care because how well a firm manages its people affects productivity, costs, staff turnover and the company’s ability to execute strategy, which in turn influences future profits, cash flow and valuation.
FAQ
What did Black Titan Corp (BTTC) announce regarding its convertible note?
Black Titan Corp announced that its senior unsecured convertible note issued to an institutional investor has been fully converted into 2,924,082 ordinary shares, and the company states there is now no remaining principal, accrued interest, or other amounts outstanding under the note.
How large was the original Black Titan (BTTC) convertible note?
The note issued on January 16, 2026 had an original principal amount of $1,515,000 (including $15,000 in fees), sold at a purchase price of $1,350,000, which reflected a 10% original issue discount to the principal amount.
What is the maximum size of Black Titan’s (BTTC) note program under its Securities Purchase Agreement?
The Securities Purchase Agreement provides for senior unsecured convertible notes of up to $200,000,000 in aggregate principal amount, with the company retaining the option to issue additional notes at future closings through January 16, 2029.
Has Black Titan (BTTC) issued any other notes under the Securities Purchase Agreement?
Black Titan states that no additional notes have been issued under the Securities Purchase Agreement, which nonetheless remains in effect through January 16, 2029.
AI-generated analysis. How Rhea-AI works. Not financial advice.
